Wilson Sonsini Goodrich & Rosati advised Turntide Technologies on the deal.
Turntide Technologies, the company responsible for the Smart Motor SystemTM, announced the completion of $225 million in convertible note financing, with investments from Canada Pension Plan Investment Board (CPP Investments), Monashee Investment Management LLC, and JLL Spark, the strategic investment arm of commercial real estate services firm JLL. Additional investors include Breakthrough Energy Ventures, Captain Planet LP, and Suvretta Capital Management LLC. This investment brings Turntide’s total funding to $400 million.
The new financing accelerates Turntide’s efforts to attack climate change by reducing carbon emissions in some of the most challenging and critical industries including commercial buildings, agriculture, and transportation. Turntide’s patented Smart Motor System™ may reduce energy consumption by nearly 64 percent and is free of the environmentally damaging rare earth minerals that most higher-efficiency permanent magnet motors require. Turntide will use the financing to support the development of a new cloud-based technology due to be released this year for implementation throughout built environments and electric vehicles. The technology will integrate the Smart Motor System with intelligent automation and insights to dramatically improve customer experience, employee satisfaction and reduce maintenance costs across commercial and industrial markets. The financing also furthers the growth and development of its transport line of business for commercial and industrial electric vehicles, launched earlier this month. Turntide is taking on modernizing legacy motor systems throughout the transportation industry by creating a one-stop powertrain offering that includes battery pack, power electronics, motor, and connected intelligence. This full stack solution provides for the electrification of a greater variety of vehicles in construction, aviation, marine, rail, robotics and other commercial transport applications.
The Wilson Sonsini team that represented Turntide in the transaction includes Mark Baudler (Picture), Andy Hirsch, Jonathan Chan, Siyu Jiang, Zack Lenox, and Nicole Wise.
Involved fees earner: Mark Baudler – Wilson Sonsini Goodrich & Rosati; Jonathan Chan – Wilson Sonsini Goodrich & Rosati; Andrew Hirsch – Wilson Sonsini Goodrich & Rosati; Siyu Jiang – Wilson Sonsini Goodrich & Rosati; Zack Lenox – Wilson Sonsini Goodrich & Rosati; Nicole Wise – Wilson Sonsini Goodrich & Rosati;
Law Firms: Wilson Sonsini Goodrich & Rosati;
Clients: Turntide Technologies;