OGCI Climate Investments (OGCI CI), a specialist decarbonisation investor, has invested in Turntide Technologies (Turntide), a developer of electrification and sustainable operations technologies.
The investment formed part of a $80 million round of equity funding, valuing the company over $1 billion, which makes it one of a handful of climate tech firms to achieve unicorn status in the first half of 2022.
Headquartered in California, Turntide produces an integrated hardware and software electric motor product that enables electrification and improves energy efficiency in commercial, industrial and mobility applications. Improving the efficiency of electric motors, currently the single biggest consumer of electricity globally, is a critical route to reducing global greenhouse gas emissions.
Turntide’s latest funding round brings the total amount of capital raised by the company to $485 million from a collective of climate-focused investors, including Amazon Climate Pledge Fund, JLL, BMW i Ventures, Breakthrough Energy Ventures, Canada Pension Plan Investment Board, Robert Downey Jr’s FootPrint Coalition, and Keyframe Capital.
