BorgWarner continues to broaden the e-mobility portfolio. The US company announced that it has acquired Rhombus Energy Solutions. Rhombus offers V2G and Underwriters Laboratory-certified charging and counts Proterra among its clients, alongside charging and grid service providers.
Frédéric Lissalde, President and CEO of BorgWarner expects Rhombus’ technology to expand BorgWarner’s electric vehicle portfolio in North America while also complementing the existing European charging business as they “look to power the entire propulsion system from grid to wheels”.
“We are also focused on supporting certain key elements of the infrastructure for electric mobility, including charging,” he said.
Specifically, BorgWarner expects the acquisition help them expand in vehicle-to-grid DC Fast Charging and enabling the software market since Rhombus delivers charging solutions including V2G applications, power control systems and energy management.
The company is also part of the Mobility Studio in Michigan set up by Ford and Newlab.
BorgWarner has been moving into the electric vehicle space and counts BMW among other unnamed European clients to its customers. Earlier this year, the US supplier acquired China’s Santroll as reported.
The Rhombus transaction has an enterprise value of up to $185 million, funded primarily with cash balances. 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, according to BorgWarner.
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