US firm pledges £100m NE investment with double deal

A US developer of sustainability technologies has made two acquisitions in the North East, marking the start of a £100m multi-year investment in the region.

Turntide Technologies, which is headquartered in California, has bought Hyperdrive Innovation and BorgWarner Gateshead as part of its expansion into the transport sector.

The group has launched Turntide Transport, a new division focused on modernising intelligent motor systems throughout the commercial transportation industry.

Turntide Transport will establish operations in Gateshead.

"Our world is at a tipping point," said Turntide chiarman and chief executive Ryan Morris. "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 businesses 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 services. Hyperdrive designs, develops, and manufactures modular high-performance lithium-ion battery systems for a wide range of applications. 

BorgWarner Gateshead 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.

Matt Boyle, managing director of Turntide Transport, added: "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."

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."