£100m investment for North East transport energy sector by California-based innovation giant
The North East is set for £100m investment after attracting the attention of a US tech business.
Turntide Technologies, headquartered in California, is entering the transport space with the acquisition of two UK-based businesses, Hyperdrive Innovation Ltd and BorgWarner Gateshead Ltd.
The acquisition of Hyperdrive Innovation and BorgWarner Gateshead aims to position Turntide to accelerate existing technologies and capabilities to reduce energy use and cost for commercial transportation services.
A new division of Turntide Technologies, Turntide Transport will establish operations in Gateshead marking the beginning of a multi-year £100m investment in the region. The company will focus on modernizing intelligent motor systems throughout the commercial transportation industry.
The acquisition of Hyperdrive Innovation, one of the UK’s independent battery pack manufacturers, will allow Turntide to include energy storage in its solutions. Hyperdrive designs, develops, and manufactures modular high-performance lithium-ion battery systems for a wide range of applications.
The acquisition of the Gateshead Business includes the facilities of the Gateshead Technical Centre, which under previous ownership of BorgWarner, has been designing power electronics for a wide range of vehicles for more than five decades - focusing on motor controllers and other devices that determine the motion of industrial electric applications.
By integrating technology from both entities, Turntide Transport aims to be a one-stop powertrain platform provider - including the battery pack, power electronics, motor, and connected intelligence - accelerating customers’ time to market in the electric future.
Ryan Morris, chairman and CEO of Turnside 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.”
Ryan added: “North East England has a strong track-record of industrial and automotive innovation, which we are keen to part of with the formation of Turntide Transport.
“By assembling a robust, technology-led supply chain here in the North East to expand the application of our technologies into multiple transport sectors we will be able to help drive the electric revolution while supporting the creation of high quality, sustainable jobs.
Matt Boyle, managing director of Turntide Transport commented: “These acquisitions bring together two world leading capabilities in Turntide and the UK businesses.
“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 engineering capability and the region.”
Business and Energy Secretary Rt Hon Kwasi Kwarteng MP said: “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 UK as we level up and build back greener from the pandemic.”
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