Turntide Technologies, a Silicon Valley based electric motor technology company, has completed the acquisition of two companies in the electric vehicle technology space.
Turntide has bought Hyperdrive Innovation Ltd, a UK leading battery manufacturer and the electric drivetrain division of BorgWarner Gateshead.
The acquisitions coincide with the launch of Turntide Transport, a new division of the company focused on modernising intelligent motor systems throughout the commercial transportation industry.
Turntide Transport will establish operations in Gateshead, England, marking the beginning of a multi-year £100 million investment in the region. Financial terms of the deals were not disclosed.
The acquisition will support Hyperdrive and BorgWarner’s growth and international expansion, as they join a ‘northern powerhouse for electrification’ – a group of UK-based technology and manufacturing companies delivering decarbonisation on a global scale – continuing to give new life to the North East’s rich manufacturing history by taking it into the net zero future.
The acquisition of Hyperdrive comes following a period of rapid growth in which the Sunderland based battery manufacturer’s revenue has doubled over the past financial year and is forecast to do so again as global demand for electrification soars.
Hyperdrive Innovation designs and manufactures high-performance energy storage systems for powering off-highway and material-handling vehicles as well as stationary and portable energy storage systems. Customers include JCB, Hitachi Rail and one of the world’s largest online grocery retailers. Hyperdrive operates the largest independent manufacturing facility in the UK, capable of producing 30,000 battery packs annually and promoting world-class engineering and green jobs in the North East region.
Also a part of the acquisition is BorgWarner Gateshead Technical Center, a company that has been designing power electronics for a wide range of vehicles for over five decades – focusing on motor controllers and other devices that determine the motion of electric vehicles.
By integrating technology from both entities, Turntide Transport will be a one-stop powertrain platform provider – including the battery pack, power electronics, motor, and connected intelligence – accelerating customers’ time to market in the inevitable electric future.
Turntide is responsible for the Platform for Sustainable Operations, powered by its patented Smart Motor System. The firm’s Platform for Sustainable Operations brings together the Smart Motor System with automation and cloud insights to dramatically improve the efficiency of building control, electric vehicles, and industrial processes.
Matt Boyle, OBE, Managing Director of Turntide Transport, said: “The electrification of transport is inevitable, but it isn’t coming quickly enough. With success in the built environment under our belt, incorporating the technology from these two companies with the Smart Motor System will allow Turntide to simplify the path to sustainable transport. Gateshead has become well-known worldwide as a growing centre for digital business. We are excited to make Gateshead a centre for our innovation in sustainable transport, a move that reflects our confidence in the city.”
Business and Energy Secretary Rt. Hon. Kwasi Kwarteng MP, said: “Cutting carbon emissions in transport is key to tackling climate change and I welcome this game-changing investment by Turntide. It will drive forward the technologies we need to clean-up the cars and vans on our roads, boats on our seas and planes in the sky.
“This is also a huge boost for workers in the North-East and further evidence of how our climate change commitments are opening opportunities for economic growth, private investment and job creation across the UK as we level up and build back greener from the pandemic.”
Ian Gilthorpe, senior partner of Square One Law, which advised Turntide on the acquisitions, said: “We’re delighted to have supported Turntide on these important acquisitions. These investments provide a significant boost to North East England’s role in the electrification of the economy, highlighting the desire of international companies to maximise on the skills and capabilities that exist in the region that can contribute to the journey to net-zero by 2050.”