This is the age of tech startups. Yet few are able to reach what has been termed as “unicorn status,” or a valuation of one billion dollars. It shows perhaps how top of mind climate change is to consumers and investors that climate tech company Turntide Technologies has become one such “unicorn.” This recent funding is a result of investments from OGCI Climate Investments (OGCI CI), SDCL Energy Efficiency Income Trust (SEEIT), Fifth Wall and Meson Capital’s Captain Planet LP fund. Turntide is also backed by a global coalition of climate-focused investors such as including Amazon Climate Pledge Fund, Robert Downey Jr.’s FootPrint Coalition, JLL and Keyframe Capital.
The company’s goal is to eliminate 25 percent of the global electricity consumption that is wasted by legacy electric motors. They are working to do this through technology like their Smart Motor System, which provides an HVAC setup that can reduce HVAC usage by 64 percent. The company is working to improve energy efficiency in building operations, agriculture, equipment, and commercial and industrial vehicles and holds more than 150 patents for these technologies.
There is an increased demand for energy-efficient electrification solutions, but shortages of certain minerals have constrained supplies. Turntide’s patented switched reluctance motors (SRMs) are manufactured with common materials and do not use the metals that power permanent magnet motors and are environmentally destructive to mine. Ultimately, this lessens the environmental footprints of the motors and reduces supply chain disruptions in producing them.
Turntide plans on investing this capital in new manufacturing operations in the U.S. and in developing new technologies for future generations.