BorgWarner acquires Rhombus Energy Solutions
BorgWarner has acquired Rhombus Energy Solutions thus complementing its European charging footprint and adding North American regional presence to charging business
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 USD 185 million, which is being funded primarily with cash balances. Approximately USD 130 million was delivered at closing and up to USD 55 million could be paid in the form of contingent payments over the next 3 years, a press release reads.
“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,” says Frédéric Lissalde, President and CEO of BorgWarner, in the press release. “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.”