On June 15, 2022, Turntide Technologies announced that it has secured $80 million in equity funding, valuing the company at over $1 billion. Turntide develops electrification and sustainable operations technologies, which include energy-efficient motors, dramatically reducing carbon emissions and improving energy savings for building operations, agriculture, equipment, and commercial and industrial vehicles. Wilson Sonsini Goodrich & Rosati advised Turntide on the transaction.
The financing included new investments from OGCI Climate Investments and SDCL Energy Efficiency Income Trust, with follow-on investments from Fifth Wall and Meson Capital’s Captain Planet LP fund. The funding brings the total amount of capital raised by Turntide to $485 million. The company 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.
For more information, please see Turntide’s press release.