August 5th 2022
BorgWarner acquires EV-Charging Solutions Company
BorgWarner—the American automotive supplier based in Auburn Hills, Michigan—has acquired Rhombus Energy Solutions, a provider of charging solutions in the North American market.
Headquartered in San Diego, California, Rhombus offers vehicle-to-grid (V2G) and Underwriters Laboratory-certified charging. Rhombus supplies its patented technology to EV OEMs and charging and grid service providers.
The acquisition will help support BorgWarner’s expansion in V2G DC Fast Charging and the enabling software market.
The transaction has an enterprise value of up to $185 million. Approximately $130 million was delivered at closing, and up to $55 million could be paid in the form of contingent payments over the next three years.
“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,” said Frédéric Lissalde, President and CEO of BorgWarner.
For more information, visit borgwarner.com.