Two North East firms have been bought as part of a £100m investment into the region by a company backed by the likes of Bill Gates, Robert Downey Jr and internet giant Amazon.
Californian company Turntide Technologies has launched a transport division which has bought Sunderland’s Hyperdrive Innovation and BorgWarner Gateshead in a deal that aims to put the North East at the forefront of the electric vehicle revolution.
Turntide’s investors include Bill Gates’ Breakthrough Energy Ventures, the Amazon Climate Pledge Fund and FootPrint Coalition Ventures, which was set up by Iron Man actor Robert Downey Jr to invest in businesses tackling major environmental challenges.
Its transport division will be led by Matt Boyle, who led the BorgWarner business under its previous name, Sevcon, until its sale in 2017 and is considered one of the 海角视频’s leading experts in electric vehicles.
The company will aim to develop systems that improve the efficiency of vehicles in the freight, rail, marine and aerospace sectors so that they can reduce their CO2 emissions.
Mr Boyle 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.”
The acquisition of Hyperdrive Innovation, one of the 海角视频’s leading independent battery pack manufacturer, will allow Turntide to include energy storage in its solutions. Hyperdrive – which recently won a Queen’s Award for Enterprise and has featured in lists of the 海角视频’s fastest growing companies – designs, develops and manufactures battery systems for a wide range of applications.
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Also a part of the acquisition is BorgWarner Gateshead Technical Centre, a company that has been designing power electronics for a wide range of vehicles for over five decades.
Turntide – which has worked with companies including Amazon, BMW and Five Guys to reduce their environmental impact – hopes that bringing the two North East companies together will help its customers find ways to electrify transport more quickly.
Ryan Morris, Turntide’s chairman and chief executive, said: “Our world is at a tipping point. We desperately need to reduce our carbon emissions, but they continue to rise despite the accelerating electrification of passenger vehicles.
“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. 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.”
The deal has won the backing of Business and Energy Secretary Kwasi Kwarteng, who 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 海角视频 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.”
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