Bill Gates-backed Turntide Technologies acquires UK's Hyperdrive Innovation and BorgWarner Gateshead
|
Turntide said the acquisition of Hyperdrive will allow it to include energy storage in its portfolio. Photo: Hyperdrive
|
US electric motors developer, Turntide Technologies, today announced the acquisitions of UK lithium-ion battery manufacturer Hyperdrive Innovation and BorgWarner Gateshead – the UK electric drivetrain division of BorgWarner.
The deals were announced along with the launch of Turntide Transport, a division that will set up operations in Gateshead, England, "marking the beginning of a multi-year £100m investment in the region”.
Turntide – whose investors include Bill Gate’s Breakthrough Energy Ventures, Robert Downey Jr's FootPrint Coalition Ventures, and the Amazon Climate Pledge Fund – has not disclosed the financial terms of the deals.
Hyperdrive is a leading independent manufacturer with current capacity for up to 30,000 units per year. The company produces battery packs for vehicles, machines and energy storage systems.
'Powertrain platform'
The BorgWarner Gateshead Technical Center has been designing power electronics for a wide range of vehicles for over five decades, focusing on motor controllers and devices that determine the motion of electric vehicles.
Integrating technology from both firms will make Turntide Transport "a one-stop powertrain platform provider – including the battery pack, power electronics, motor, and connected intelligence”, the company said.
Turntide intends to deploy its patented ‘Smart Motor System’, to initially target electromechanical systems "in some of the more challenging markets to decarbonise, including commercial and industrial vehicles, rail, marine and aerospace”.
'Experience and innovation'
The acquisition of Hyperdrive will allow it to include energy storage in its portfolio.
Chairman and CEO of Turntide, Ryan Morris, said: "We are excited to incorporate the experience and innovation that these two companies have to offer as we launch into the transport market with our initial reference customers.”
"Because Turntide has been successful in driving down energy use and waste in the built environment, it is critical that we translate this success into transportation to help combat the growing threat of climate change.”
Related article in our archive:
UK battery gigafactories 'essential' as auto chiefs report 'bumper year' for EVs
The deals were announced along with the launch of Turntide Transport, a division that will set up operations in Gateshead, England, "marking the beginning of a multi-year £100m investment in the region”.
Turntide – whose investors include Bill Gate’s Breakthrough Energy Ventures, Robert Downey Jr's FootPrint Coalition Ventures, and the Amazon Climate Pledge Fund – has not disclosed the financial terms of the deals.
Hyperdrive is a leading independent manufacturer with current capacity for up to 30,000 units per year. The company produces battery packs for vehicles, machines and energy storage systems.
'Powertrain platform'
The BorgWarner Gateshead Technical Center has been designing power electronics for a wide range of vehicles for over five decades, focusing on motor controllers and devices that determine the motion of electric vehicles.
Integrating technology from both firms will make Turntide Transport "a one-stop powertrain platform provider – including the battery pack, power electronics, motor, and connected intelligence”, the company said.
Turntide intends to deploy its patented ‘Smart Motor System’, to initially target electromechanical systems "in some of the more challenging markets to decarbonise, including commercial and industrial vehicles, rail, marine and aerospace”.
'Experience and innovation'
The acquisition of Hyperdrive will allow it to include energy storage in its portfolio.
Chairman and CEO of Turntide, Ryan Morris, said: "We are excited to incorporate the experience and innovation that these two companies have to offer as we launch into the transport market with our initial reference customers.”
"Because Turntide has been successful in driving down energy use and waste in the built environment, it is critical that we translate this success into transportation to help combat the growing threat of climate change.”
Related article in our archive:
UK battery gigafactories 'essential' as auto chiefs report 'bumper year' for EVs