North East leads electric vehicle revolution as US firm acquires Gateshead cleantech

A North East engineering firm has been acquired by a California-based tech company in a new deal.

US business Turnside has acquired Gateshead company AVID Technology Limited, which designs and manufactures electrified powertrain components and systems for heavy-duty and high-performance electric (EV) and hybrid vehicles (HEV).

Ryan Morris, Turntide’s chairman and CEO, commented: “While automakers are making strides to reduce carbon with electric passenger cars, the most difficult sectors to decarbonize, such as commercial and industrial vehicles in rail, marine and aerospace, are far behind.

“The AVID acquisition completes our end-to-end offering for the electrification of commercial and industrial vehicles and puts us on a path to eliminate the need for rare earth magnets in EV as we develop our motor technology for the transport market.”

Matt Boyle OBE, managing director of Turntide Transport, added: “This deal is part of Turntide’s multi-year investment in the North East region of England known for its decades of innovation in the electrification industry.

“Combining AVID’s technology with the Smart Motor System will allow Turntide to simplify and smooth a path to sustainable transport.”

Mark Lazenby, head of corporate at Square One Law, which advised Turntide Transport on the acquisition, added: “The pace of Turntide’s acquisition strategy is a clear demonstration of its ambitions to maximise the innovation and technical expertise that exists in the North East.

“The diversification of the capabilities of companies like AVID Technologies into the commercial and industrial electric vehicle sector will have positive implications for the environment and the sustainability of the supply chain, but also for the high-quality jobs it will create and retain.”