Following an exciting 12 months of rapid growth, Hyperdrive is now proud to be part of Turntide Transport – helping to supercharge the North East as a net zero leader
Turntide Transport Ltd (backed by Breakthrough Energy Ventures, Amazon’s Climate Pledge Fund, and FootPrint Coalition Ventures), bought 100% shares in the lithium-ion battery manufacturer’s parent company for an undisclosed sum. It follows an exciting 12 months of rapid growth for Hyperdrive.
The acquisition of Hyperdrive Innovation and fellow North East firm – BorgWarner Gateshead – positions Turntide to accelerate existing technologies and capabilities to reduce energy use and cost for commercial transportation services. Turntide Technologies is the company responsible for the Platform for Sustainable Operations™, powered by its patented Smart Motor System™ and announced the launch of Turntide Transport alongside the acquisitions. Turntide Transport will be a new division of the company focused on modernising intelligent motor systems throughout the commercial transportation industry.
It also fuels Hyperdrive’s ambitions, as it joins a ‘northern powerhouse for electrification’ – a group of UK-based technology and manufacturing companies delivering decarbonisation on a global scale – continuing to give new life to the North East’s rich manufacturing history by taking it into the net zero future. Turntide Transport assures the pace of growth, freeing the company to focus on electrifying its customers – such as powering hundreds of battery-powered trains for Hitachi Rail. In a great move for the North East Turntide Transport will establish operations in Gateshead, England, marking the beginning of a multi-year investment in the region.
Stephen Irish, Hyperdrive’s founder and director of Business Innovation, said: “Since starting the business over 10 years ago, it’s been an extraordinary journey building the product and engineering offer, raising the company profile and brand internationally, and engaging with some huge international companies. The company growth up to this point and ability to access the opportunities presented by the electrification trend has only been possible because of the support the hard work of the staff, Sunderland Council’s recognition of the need for ‘more and better jobs’ in the region and of our investors, who I’d very much like to thank. When we set off on this path, we believed electrification would become a huge trend and it has come to pass. It’s very satisfying seeing the business in the position it is”.
Matt Boyle, CEO of Turntide Transport Ltd said: “The UK has long been a centre for excellence in engineering and manufacture, with the North East in particular becoming an internationally recognised hub for the development and manufacture of low-carbon technology. Adding Hyperdrive to the growing Turntide family is a clear indicator of our direction of travel. There is an enormous global opportunity presented by the need for decarbonisation and I’m very pleased to have Hyperdrive together with Turntide at the forefront”.
From robotic grocery sorters to the world’s first electric digger for JCB, Hyperdrive delivers not only industry-leading battery technology to its customers, but innovation and imagination too. Turntide’s acquisition puts the hyperdrive into Hyperdrive’s growth, opening up new markets, resources and scale-up support for increasing volume delivery – the company’s current order book is at its highest-ever point as global demand for battery technology skyrockets.
Hyperdrive’s profitability is on the rise and revenue has doubled over the past financial year and is forecast to do so again. Its growing team of more than 70 market-leading product development, manufacturing and sales staff have the capacity to create and deliver 30,000 battery packs annually to blue-chip customers including JCB, Cargotec, a leading online grocery retailer, and Hitachi Rail. Its manufacturing facility in Sunderland, HYVE, is the largest independent manufacturing facility in the UK and promotes world-class engineering and green jobs in the region.
Here is what our senior team and former investors had to say:
Andrew Lapping, chairman and investor, Hyperdrive said: “I’m extremely proud of what the entire team have achieved, especially over this last year. Despite the challenges brought about by Covid-19, we have delivered on our business plan and there is a great deal more to come with our new parent as we look to globalise with our customers. The impact of the success of Hyperdrive on the region will provide an ongoing and lasting legacy, something which is very important to all of us. This was exactly the aim of the North East Angel Fund that supported the business at start-up stage”.
Chris Pennison, Hyperdrive CEO said: “The acquisition of Hyperdrive by the Turntide group is a perfect & timely fit for the company. The benefits it will bring for our employees, customers and the wider supply chain will become increasingly evident by providing additional comfort and security as we continue our rapid growth. The access to additional resources and an international operating footprint will further enhance our offering in the fast-growing electrification sector we currently support. I’m extremely proud of the achievements made by the team at Hyperdrive, and all who have supported us on our journey to date”.
Andrew Mitchell, CEO, North East Angel Fund said: “Hyperdrive has been a great success story for the North East and for the Finance for Business North East investment programme, funded by the UK Government, the European Union, the North East LEP and the European Investment Bank. The combination of cutting edge technology, locally-based entrepreneurs and investors and a highly skilled workforce has shown what the North East can achieve. We are confident that Hyperdrive will continue to generate wealth and jobs in the Region for many years to come”.
Bim Sandhu, CEO of Santon Capital plc, the largest investor said: “On behalf of all investors I want to thank Stephen Irish for his vision in starting this journey and for Chris Pennison and the entire Hyperdrive team for their considerable efforts & skill in pushing us all the way to this cross road. It is with great sadness that we go our separate ways so shortly after achieving the Queens Award for Enterprise for Innovation but we do so in the full knowledge that Hyperdrive will continue to go from strength to strength over the coming years. Turntide have made an excellent purchase and we wish them every success in taking the business to the next level”.