Automotive supplier BorgWarner has acquired DC fast charging specialist Rhombus Energy Solutions. San Diego, California based Rhombus supplies unidirectional (charge-only) and bi-directional (V2G-capable) chargers, which are Underwriters Laboratory-certified. Rhombus sources its patented technology to electric vehicle OEMs such as Proterra, and charging and grid service providers.
BorgWarner stated in its release that the transaction has an enterprise value of up to $185 million, which is being 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 3 years.
“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,” said Frédéric Lissalde, President and CEO of BorgWarner. “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.”