BorgWarner acquires Rhombus Energy Solutions to expand EV portfolio

Rhombus's technology will expand BorgWarner's EV portfolio in North America.

Autocar Pro News Desk By Autocar Pro News Desk calendar 04 Aug 2022 Views icon5111 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
BorgWarner acquires Rhombus Energy Solutions to expand EV portfolio

BorgWarner has acquired Rhombus Energy Solutions. Rhombus, a San Diego-based company, offers V2G and Underwriters Laboratory-certified charging. With its patented technology, the company supplies EV OEMs, such as Proterra, and charging and grid service providers. 

This transaction has an enterprise value of up to $185 million, which is primarily being financed with cash balances. Over the next 3 years, up to $55 million in contingent payments could be paid in addition to the $130 million delivered at closing.
Frédéric Lissalde, President and CEO, BorgWarner said, “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
“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” he further added.

Amara Raja invests additional Rs 175 crore in EV battery firm Inobat, increases stake to 9.32 percent

auther Autocar Pro News Desk calendar21 Jun 2024

Leading Indian battery maker, which is setting up a gigafactory in Telangana, makes fresh investment in InoBat, the Euro...

India’s Harsha Engineers and Ravi Technoforge among top 23 to win Schaeffler Supplier Award 

auther Autocar Pro News Desk calendar20 Jun 2024

Two Indian component suppliers are among the 23 global suppliers chosen to receive the 2024 Schaeffler Supplier Award fo...

JLR honours 50 companies at eighth Global Supplier Excellence Awards

auther Autocar Pro News Desk calendar20 Jun 2024

Six winners including the Aditya Birla Group’s Novelis recognised for their extraordinary contribution in cost transform...