BorgWarner lands deal for Rhombus

US powertrain components manufacturer BorgWarner Inc (NYSE:BWA) unveiled the USD-185-million (EUR 182.2m) acquisition of local electric vehicle (EV) charging infrastructure provider Rhombus Energy Solutions.

San Diego, California-based Rhombus develops bi-directional EV charging infrastructure, high-efficiency power conversion systems and energy management system (EMS) software for vehicle-to-grid (V2G) capable electric vehicle fleet charging. It supplies its patented technology to EV OEMs, including Proterra, and charging and grid service providers.

The price tag of the deal includes about USD 130 million paid at closing and up to USD 55 million in the form of potential contingent payments over the next years.

The investment complements BorgWarner’s existing European charging footprint and adds North American regional presence to charging business. It also supports expansion in V2G DC fast charging and enabling software market, the buyer said.

Rhombus comes as the latest inorganic growth investment announced by Borgwarner in 2022. The auto parts maker in February clinched a deal worth up to CNY 1.4 billion (USD 207m/EUR 204m) to acquire Santroll Automotive Components, the light vehicle e-motor business of China-based Tianjin Santroll Electric Automobile Technology Co.

(USD 1 = EUR 0.985)

(CNY 10 = USD 1.479/EUR 1.458)

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