Turntide Technologies

• -Investment to accelerate investment in Turntide’s UK hub for vehicle electrification technologies without the use of rare-earth metals

• -Energy efficient motors and electrification solutions accelerate progress toward net zero goals and fill critical gap in global sustainability equipment availability

Turntide Technologies (“Turntide”), developer of breakthrough electrification and sustainable operations technologies, today announced it has secured $80 million in equity funding, valuing the company over $1 billion, making it one of a handful of climate tech companies to achieve unicorn status in the first half of 2022.

The funding will enable the company, which has already invested $100m in the UK, to further scale its operations located in North East England, to support the electrification of commercial and industrial vehicles.

Having acquired three specialist companies in the region in the past 12 months, Turntide brings together world-class powertrain components that de-risk vehicle manufacturers’ electrification efforts.

It is now planning to grow its operations in Sunderland and Gateshead and incorporate into its EV offering a version of its patented environmentally friendly switched reluctance motor (SRM), which is currently used for built environment applications such as HVAC systems.

Turntide’s vision is to scale EV powertrain solutions with minimal impact on the environment, even upstream in the supply chain. Its magnet free SRM uses none of the rare earth metals that feature in the permanent magnet motors that currently dominate EVs.

Increasingly ambitious net zero goals have driven demand for energy-efficient electrification solutions, but shortages of critical minerals have constrained supplies.

Turntide's SRMs are manufactured entirely with common materials, avoiding the rare earth metals that power permanent magnet motors and are environmentally destructive to mine. This shrinks the environmental footprints of the motors and reduces supply chain disruptions to their production.

Turntide CEO and Chairman Ryan Morris, said:“This latest round of funding will support the integration of our motors into our UK-based EV powertrain offering that will be exported worldwide to support our collective net-zero targets. The confidence of our investors is a major endorsement of our vision and technologies, highlighting our ability to raise money in a challenging economic environment.

“Limited supplies of rare earth metals like neodymium are significant and growing roadblocks to decarbonising vehicles. Turntide is leading the way in applying magnet-free SRMs to the built environment, and we envision this superior motor technology will accelerate the electrification of all forms of vehicles.

Turntide's award-winning Technology for Sustainable Operations and Electrification dramatically reduces carbon emissions and improves energy savings for building operations, agriculture, equipment, and commercial and industrial vehicles. Turntide holds more than 150 patents for these technologies, and customers include JLL, XNRGY, Hitachi Rail, and JCB.

Participation in the round includes new investments from OGCI Climate Investments (OGCI CI) and SDCL Energy Efficiency Income Trust (SEEIT), with follow-on investments from Fifth Wall and Meson Capital's Captain Planet LP fund. This funding brings the total amount of capital raised to $485 million. Turntide is also backed by a global coalition of climate-focused investors, including Amazon Climate Pledge Fund, JLL, BMW i Ventures, Breakthrough Energy Ventures, Canada Pension Plan Investment Board, Robert Downey Jr.’s FootPrint Coalition, and Keyframe Capital.

“Addressing climate change is more urgent than ever, and we are grateful to work with an investor base that is committed to achieving meaningful, near-term emissions impact,” said Ryan Morris, Chairman and CEO of Turntide. “Even in the face of global economic uncertainty and supply chain upheaval, the market demand for Turntide’s sustainability solutions has enabled us to secure new investments. This capital will accelerate and further scale our efforts to decarbonise the world’s most energy-intensive industries.”

“SEEIT enables large-scale deployments of environmental infrastructure, so we are excited to invest in Turntide Technologies, a company with a range of market-tested products and top-tier customers from across the built environment, agriculture, and electric vehicles and equipment," said Jonathan Maxwell, CEO of Sustainable Development Capital LLP, Investment Manager of SEEIT. "Turntide has already begun scaling their solutions to larger deployments, and they are poised to support aggressive energy savings and the drive to net zero emissions for economies around the world.”

In the built environment, Turntide’s Smart Motor System™ integrates its Optimal Efficiency Motor™ with edge automation, controls, and cloud insights to improve energy savings and indoor air quality of buildings ranging from retail shops, industrial buildings to dairy barns to data centers. The company also offers Turntide for Strategic Machines™, a solution for HVAC manufacturers to transform their equipment into intelligent, efficient systems that enable new business models for the OEMs.

“Turntide is tackling challenges that are seemingly insurmountable,” said Greg Smithies, Partner and Co-Lead of the Climate Investment team at Fifth Wall. “Decarbonising the world’s economies requires a transformation of industrial and commercial systems, and Turntide delivers solutions that optimize energy use within these systems.”

“Turntide’s mission to optimise energy use in the world’s most carbon-intensive sectors aligns with OGCI Climate Investments’ mission,” said Marc Van Den Berg, Managing Director, Ventures at OGCI CI. "We invest in technologies in carbon-intensive sectors to deliver near-term greenhouse gas emissions reduction. Turntide’s solutions are driving down energy consumption and costs for hundreds of businesses around the world, and we’re excited to partner with them to accelerate their expansion into new solutions and applications.”

“Meson Capital invests in a future where hard-working people and the best technology win,” said Sergey Polikarpov, Managing Partner at Meson. “We’re confident that Turntide has both. We also believe our planet needs help, and we know that Turntide’s success will make our world a better place.”

ENDS

About Turntide Technologies

Turntide Technologies (Turntide) invents and scales breakthrough technologies to accelerate electrification and sustainable operations for energy-intensive industries. Turntide’s full-stack, integrated, open systems support commercial and industrial electric vehicles, building operations, and agriculture to optimise how the world uses energy. Turntide enables companies to lead their industries by attacking energy waste at every level and operating smarter for accelerated growth. For more information, visit https://turntide.com/ or follow the company on YouTube, Twitter, and LinkedIn.

About SDCL Energy Efficiency Income Trust plc

SDCL Energy Efficiency Income Trust plc is a constituent of the FTSE 250 index. It was the first UK listed company of its kind to invest exclusively in the energy efficiency sector. Its projects are primarily located in the UK, Europe and North America and include, inter alia, a portfolio of cogeneration assets in Spain, a portfolio of commercial and industrial solar and storage projects in the United States, a regulated gas distribution network in Sweden and a district energy system providing essential and efficient utility services on one of the largest business parks in the United States. The Company aims to deliver shareholders value through its investment in a diversified portfolio of energy efficiency projects which are driven by the opportunity to deliver lower cost, cleaner and more reliable energy solutions to end users of energy.

About Sustainable Development Capital LLP

Sustainable Development Capital LLP, an investment firm established in 2007, is the Investment Manager of SEEIT, with a proven track record of investment in energy efficiency and decentralised generation projects in the UK, Continental Europe, North America and Asia. SDCL is headquartered in London and also operates worldwide from offices in New York, Dublin, Madrid, Hong Kong and Singapore. SDCL is authorised and regulated in the UK by the Financial Conduct Authority.

About Fifth Wall

Founded in 2016, Fifth Wall, a Certified B Corporation, is the largest venture capital firm focused on technology for the global real estate industry. With approximately $3.0 billion in commitments and capital under management, Fifth Wall connects many of the world's largest owners and operators of real estate with the entrepreneurs who are redefining the future of the Built World. Fifth Wall is backed by a global mix of more than 100 strategic limited partners (LPs) from more than 15 countries, including BNP Paribas Real Estate, British Land, CBRE, Cushman & Wakefield, Host Hotels & Resorts, Kimco Realty Corporation, Lennar, Lowe's Home Improvement, Marriott International, MetLife Investment Management, Related Companies, Starwood Capital, Toll Brothers, and others. Fifth Wall believes this consortium represents one of the largest groups of potential partners in the global Built World ecosystem, which can result in transformational investments and collaborations with promising portfolio companies. For more information about Fifth Wall, its LPs, and portfolio, visit www.fifthwall.com.

About OGCI Climate Investments

OGCI Climate Investments manages funds focused on driving substantial reduction in carbon emissions and was formed by the Oil & Gas Climate Initiative, a CEO-led initiative of major global oil & gas companies. The firm invests in innovations, technologies and projects to decarbonise under-invested GHG-intensive sectors within energy, industry, built environments/buildings and transportation. OGCI CI looks for outcomes that avoid or reduce methane or carbon dioxide emissions, recycle or store carbon dioxide. Since 2017, it has invested in over 28 technologies and projects which have realised over 30MT CO2 equivalent in the period 2019-2021.