BorgWarner snaps up Rhombus Energy Solutions in deal worth up to $185m
BorgWarner, an American automotive supplier listed on the New York Stock Exchange (NYSE), has acquired Rhombus Energy Solutions, in a deal worth up to $185 million.
Rhombus Energy Solutions, which is based in San Diego, provides vehicle-to-grid (V2G) and Underwriters Laboratory-certified charging. The company supplies its charging technology to EV original equipment manufacturers (OEMs) such as Proterra as well as to charging and grid service providers.
The consideration is made up of nearly $130 million to be paid at the closing of the deal and contingent payments of up to $55 million to be paid over the next three years.
BorgWarner snaps up Rhombus Energy Solutions in deal worth up to $185m. Photo courtesy of News Oresund/Wikimedia Commons.
Frédéric Lissalde — BorgWarner President and CEO 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.
“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.”