BorgWarner buys Rhombus Energy Solutions to strengthen EV solution offering

The transaction has an enterprise value of up to $185 million (Rs 1,460 crore), which is being funded primarily with cash balances. Approximately $130 million (Rs 1,025 crore) was delivered at closing and up to $55 million (Rs 433 crore) could be paid in the form of contingent payments over the next 3 years.

BorgWarner buys Rhombus Energy Solutions to strengthen EV solution offering

BorgWarner has acquired San Diego-headquartered Rhombus Energy Solutions, which offers V2G and underwriters laboratory-certified charging.

The company supplies its patented technology to electric vehicle OEMs, including Proterra, and charging and grid service providers. The transaction has an enterprise value of up to $185 million (Rs 1,460 crore), which is being funded primarily with cash balances. Approximately $130 million (Rs 1,025 crore) was delivered at closing and up to $55 million (Rs 433 crore) could be paid in the form of contingent payments over the next 3 years.

Frederic 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 the 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,” concluded Lissalde.

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