- Complements existing BorgWarner European charging footprint to
accelerate organic growth and adds North American regional presence
to charging business
- Supports expansion in vehicle-to-grid (V2G) DC Fast Charging
and enabling software market
- Leverages BorgWarner's strength and capabilities across
quality, engineering, supply chain, manufacturing, and sales
AUBURN HILLS, Mich.,
Aug. 3, 2022 /PRNewswire/ -
BorgWarner Inc. (NYSE: BWA) today announced that it has acquired
Rhombus Energy Solutions.
Headquartered in San Diego,
California, Rhombus offers V2G and Underwriters
Laboratory-certified charging. Rhombus supplies its patented
technology to EV OEMs, including Proterra, and charging and grid
service providers.
The transaction has an enterprise value of up to $185 million, which is being funded primarily
with cash balances. Approximately $130
million was delivered at closing and up to $55 million could be paid in the form of
contingent payments over the next 3 years.
"The technology that Rhombus brings expands BorgWarner's
electric vehicle portfolio in North
America and complements our existing European charging
business. This transaction supports our Charging Forward
strategy and strengthens our electric vehicle positioning as we
look to power the entire propulsion system from grid to wheels,"
said Frédéric Lissalde, President and CEO of BorgWarner. "As a
supplier to the automotive and commercial vehicle markets, we are
not only delivering innovative technology for electric drivetrains,
but we are also focused on supporting certain key elements of the
infrastructure for electric mobility, including charging."
About BorgWarner
For more than 130 years, BorgWarner
has been a transformative global product leader bringing successful
mobility innovation to market. Today, we're accelerating the
world's transition to eMobility — to help build a cleaner,
healthier, safer future for all.
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supply disruptions impacting us or our customers, such as the
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equipment manufacturer ("OEM") customers and their suppliers,
including us; commodities availability and pricing; competitive
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SOURCE BorgWarner