AUBURN HILLS, Mich.,
Jan. 11, 2022 /PRNewswire/ --
BorgWarner, a global leader in delivering innovative and
sustainable mobility solutions for the vehicle market, today
announced its investment in Qnovo, Inc., a privately held, Silicon
Valley-based software and controls company. BorgWarner is the lead
investor for Qnovo's multi-million-dollar Series-C capital
raise.
With Qnovo's focus on battery health measurement and fast
charging, the investment deepens BorgWarner's capacity to further
its battery solutions portfolio by partnering with Qnovo. The
intelligent software offers multiple benefits, including predictive
safety measures, faster charging and extended battery life.
Additionally, Qnovo's software implements adaptive charging
algorithms and predictive tools into an application that runs on
AutoSAR or an equivalent vehicle operating system.
"BorgWarner sees a great opportunity with our strategic
investment to collaborate with Qnovo, allowing us to leverage its
advanced battery management software in our electrification
portfolio," said Harry Husted, Chief
Technology Officer of BorgWarner. "We look forward to partnering
with Qnovo as they enter the automotive industry to provide battery
solutions to the electric vehicle market."
Qnovo Inc., based in Newark,
California, is committed to fundamentally improving the user
experience by reimagining the battery and how it's managed.
Augmenting battery chemistry with the company's unique battery
management intelligence software results in Qnovo's ability to
enhance battery safety, enable fast charging, expand longevity and
increase capacity utilization without compromise. When combined
with fleet monitoring, the software delivers a compelling solution
for adaptive charging and advanced battery pack diagnostics.
About BorgWarner
BorgWarner Inc. (NYSE: BWA) is a global product leader in
delivering innovative and sustainable mobility solutions for the
vehicle market. Building on its original equipment expertise,
BorgWarner also brings market leading product and service solutions
to the global aftermarket. With manufacturing and technical
facilities in 96 locations in 22 countries, the company employs
approximately 50,000 people worldwide. For more information, please
visit borgwarner.com.
About Qnovo
Qnovo is reinventing one of the most basic foundations of energy
storage and mobility – the battery and how it is charged. Qnovo
develops patented adaptive charging algorithms and battery data
analytics that improve lifetime battery performance with enhanced
health and safety. By augmenting battery chemistry with computation
and learning software, Qnovo enables batteries to safely charge
faster, with more daily use and longer lifespan. Learn more about
lithium-ion batteries by following their blog.
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Forward-looking statements are subject to risks and uncertainties,
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statements. These risks and uncertainties, among others, include:
supply disruptions impacting the us or our customers, such as the
current shortage of semiconductor chips that has impacted original
equipment manufacturer ("OEM") customers and their suppliers,
including us; commodities availability and pricing; competitive
challenges from existing and new competitors including OEM
customers; the challenges associated with rapidly-changing
technologies, particularly as relates to electric vehicles, and our
ability to innovate in response; uncertainties regarding the extent
and duration of impacts of matters associated with the COVID-19
pandemic including additional production disruptions; the failure
to realize the expected benefits of the acquisition of Delphi
Technologies PLC that we completed on October 1, 2020; the failure to realize the
expected benefits of the acquisition of AKASOL or a delay in the
ability to realize those benefits; the failure to successfully
execute on a timely basis our taking private strategy with respect
to AKASOL; the difficulty in forecasting demand for electric
vehicles and our electric vehicles revenue growth to 2030; the
ability to identify targets and consummate acquisitions on
acceptable terms; failure to realize the expected benefits of
acquisitions; the ability to identify appropriate combustion
portfolio businesses for disposition and consummate planned
dispositions on acceptable terms; the failure to promptly and
effectively integrate acquired businesses; the potential for
unknown or inestimable liabilities relating to acquired businesses;
our dependence on automotive and truck production, both of which
are highly cyclical and subject to disruptions; our reliance on
major OEM customers; fluctuations in interest rates and foreign
currency exchange rates; availability of credit; our dependence on
key management; our dependence on information systems; the
uncertainty of the global economic environment; the outcome of
existing or any future legal proceedings, including litigation with
respect to various claims; future changes in laws and regulations,
including, by way of example, tariffs, in the countries in which we
operate; impacts from any potential future acquisition or
divestiture transactions; and the other risks, including, by way of
example, pandemics and quarantines, noted in reports that we file
with the Securities and Exchange Commission, including Item 1A,
"Risk Factors" in our most recently-filed Annual Report on Form
10-K and/or Quarterly Report on Form 10-Q. We do not undertake any
obligation to update or announce publicly any updates to or
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SOURCE BorgWarner