SUNNYVALE, Calif., Sept. 24, 2020 /PRNewswire/ -- Turntide Technologies ("Turntide") the company responsible for the Smart Motor System, the world's first sustainable electric motor with digital DNA, completed a $33 million funding round with support from the Amazon Climate Pledge Fund. Turntide's mission is to replace all the motors in the world with their Smart Motor System. They are backed by over $100 million from a Global Coalition of investors representing a cross section of different geographies and industries with the goal to turn the tide on climate change, including The Amazon Climate Fund, Meson Capital, BMW iVentures, JLL Spark, WIND Ventures, and Tony Fadell's Future Shape.
Today's motors are inefficient, unintelligent and unreliable. Over 98% of today's motors rely on technology invented in 1888 by Nikola Tesla. Electric motors are the single largest consumer of electricity worldwide - costing businesses and the environment. They account for 70% of industrial power consumption and at least 47% of global power consumption. Until now, high efficiency motors have required expensive permanent magnets to produce the torque needed to operate, often made of rare earth minerals, that are environmentally destructive to mine. Turntide's Smart Motor System patented hardware architecture and digital DNA changes the way we move things - from fans in HVAC systems that cool or heat our homes and commercial buildings, to the pumps needed to move water to our taps and refrigerate our food, and agricultural uses including fans creating conditions for animal welfare in dairy barns.
"As the world warms and more fossil-fuel powered machines switch to electricity, the demand for electricity will only continue to grow. There is no path to 100% renewable energy sources without drastically reducing the amount of energy that we use," said Chairman and CEO, Ryan Morris. "With the support of our global coalition of investors, we are able to continue the Smart Motor System's market expansion. Modernizing the world's motors is essential in the fight against climate change and will reduce the world's carbon footprint - imagine adding 7 new Amazon rainforests to the world."
Turntide's Smart Motor System is the first digital first motor that is software driven, intelligent and sustainable. The Smart Motor System's digital DNA enables precise and reliable control to effectively use every watt of energy to reduce electricity consumption and achieve optimal efficiency. The Smart Motor System is proven more reliable with a simplified design for the rigor of variable speed operation. For example, if a building is getting too hot or too cold, the Smart Motor System can slow the speed of the motor, lowering the output of conditioned air and eliminating excess energy waste and thus, cost. Turntide's technology goes beyond mechanical design, integrating software that allows for IoT control system capabilities and data integration - delivering ongoing value over time through proactive maintenance and updates.
"As the first institutional investors in Turntide in 2017, we at Meson Capital are extremely pleased to be joined by such a forward thinking and mission aligned group of partners," said Sergey Polikarpov, Managing Partner at Meson Capital.
"Electric motors are everywhere, across all sectors and geographies, so the opportunity to partner with a company who can help accelerate the energy transition on a global basis is very exciting to us," said Brian Walsh, Head of WIND Ventures. "Turntide has created a technology that is not only better and more environmentally friendly but less expensive than the alternative, making it ideal for wide adoption across the planet. We are excited to partner with the team to develop a roadmap for bringing its leading technology to Latin America."
Turntide's Smart Motor Systems are being manufactured, shipped, and installed at scale across the United States, Canada, and the UK with further international expansion planned in 2021. Additionally, Turntide has pilots in the Middle East, Asia, and Mexico. Turntide is in the process of ramping up to deploying thousands of motors per month. Turntide's Software Motor Systems are currently being used in Five Guys locations, Amazon facilities, and other retailers, grocers, and commercial buildings around the globe. No design changes necessary, as a "drop-in" solution, the Smart Motor System reduces customer energy consumption - lowering customer cost and environmental impact, like LED lighting retrofits. As seen by retrofitting commercial HVAC motor systems with its Smart Motor System, Turntide's customer energy savings reach an average of two-thirds.
"Turntide delivers electrical motors that are 25% more efficient. That changes the $100 billion motor industry. And, it will change the future of our climate. Conventional motors are limited to fixed mechanical solutions. Turntide's patented software-driven Smart Motor System not only delivers optimal energy efficiency through various speeds and torque, but also continuously monitors its operation for signs of degradation or equipment faults." said Tony Fadell, Nest founder and Future Shape Principal.
Headquartered in Sunnyvale, California, Turntide makes the world's most reliable, efficient, and intelligent motor system. Unlike most clean tech products, our switched reluctance motor technology is actually less expensive to own and operate than its conventional alternative. When this revolutionary motor is combined with IoT building automation technology, the result is optimal efficiency. Turntide sells motors in form factors for a number of applications, up to 15 HP. The Smart Motor System advances sustainability goals, saves money, and minimizes maintenance calls. For more information, visit https://turntide.com or follow the company on Facebook, Twitter, and LinkedIn.
Caroline Beckmann – Trident DMG
SOURCE Turntide Technologies