BorgWarner acquires Rhombus Energy Solutions

BorgWarner, a 130 year old autoparts maker, announced today it has acquired Rhombus Energy Solutions to complement its existing European charging footprint to accelerate organic growth. The enterprise value can go up to $185 million, which is funded primarily with cash balances, according to BorgWarner.

The announcement said that around $130 million was delivered at closing and up to $55 million could be paid in the form of contingent payments over the next 3 years. The acquisition would add to its North American regional presence in the charging business, according to BorgWarner. The deal is the latest in the clean energy sector as sales of electric vehicles EVs increase.

Rhombus Energy is a leading electric-vehicle charging company in San Diego, California. It offers V 2 G and Underwriters Laboratory-certified charging. The company supplies its patented technology to EV OEMs, including Proterra, and charging and grid service providers.

In a statement, BorgWarner President and CEO Fr d ric Lissalde said that 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. Lissalde 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. BorgWarner, founded 130 years ago, is a transformative global product leader who brings successful mobility innovation to market.