BorgWarner Buys Rhombus Energy For Up To $185 Mln

(RTTNews) - BorgWarner Inc. (BWA), an automotive supplier, said on Wednesday that has acquired Rhombus Energy Solutions, an energy management systems provider, for up to $185 million.

The consideration is being funded primarily with cash balances of the acquirer, out of which $130 million was delivered at closing. The remaining amount of up to $55 million is in the form of contingent payments over the next three years.

Frédéric Lissalde, CEO of 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…"

Rhombus offers V2G and Underwriters Laboratory-certified charging. In addition, it supplies its patented technology to EV OEMs, including Proterra, and charging and grid service providers.