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.