British battery manufacturer Hyperdrive Innovation and electric drivetrain division of BorgWarner Gateshead are to be acquired by Silicon Valley-based Turntide Technologies.
The company is entering the transport sector with the acquisition of the two North East firms and will see it launch Turntide Transport. The new division will focuse on modernising intelligent motor systems throughout the commercial transportation industry.
Turntide said the acquisition will support Hyperdrive and BorgWarner’s growth and international expansion, as they join a ‘northern powerhouse for electrification’. This group of UK-based technology and manufacturing companies aims to deliver a net zero future.
“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,” said Ryan Morris, Turntide’s CEO.
“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 acquisition of Hyperdrive Innovation 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.
Also, a part of the acquisition includes BorgWarner Gateshead Technical Centre, this facility designs power electronics for a wide range of vehicles focusing on motor controllers and other devices that determine the motion of electric vehicles.
According to Turntide, by integrating technology from both entities it will be a one-stop powertrain platform provider, including the battery pack, power electronics, motor, and connected intelligence.
Business and energy secretary Kwasi Kwarteng, 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 UK as we level up and build back greener from the pandemic.”