BorgWarner has acquired Rhombus Energy Solutions. Headquartered in San Diego in California, Rhombus offers V2G and Underwriters Laboratory-certified charging. Rhombus supplies its patented technology to EV OEMs, including Proterra, and charging and grid service providers. The transaction has an enterprise value of up to USD 185 million, which is being funded primarily with cash balances. Approximately USD 130 million was delivered at closing and up to USD 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 existing European charging business.
BorgWarner has acquired Rhombus Energy Solutions. Headquartered in San Diego in California, Rhombus offers V2G and Underwriters Laboratory-certified charging. Rhombus supplies its patented technology to EV OEMs, including Proterra, and charging and grid service providers. The transaction has an enterprise value of up to USD 185 million, which is being funded primarily with cash balances. Approximately USD 130 million was delivered at closing and up to USD 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 existing European charging business.
