Auto-parts maker BorgWarner acquires electric-vehicle charging provider Rhombus Energy in a deal valued up to $185 million

BorgWarner, a 130-year-old auto-parts maker, announced today it has acquired Rhombus Energy Solutions to complement its existing European charging footprint to accelerate organic growth. BorgWarner said the enterprise value of the deal can go up to $185 million, which is being funded primarily with cash balances.

According to the announcement, about $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. BorgWarner said the acquisition would help add to its North American regional presence in the charging business. The deal is the latest in the clean energy sector as sales of electric vehicles (EVs) boom.

Headquartered in San Diego, California, Rhombus Energy is an electric-vehicle charging provider that offers V2G and Underwriters Laboratory-certified charging. The company also supplies its patented technology to EV OEMs, including Proterra, and charging and grid service providers.

In a statement, BorgWarner President and CEO Frédéric Lissalde 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.”

Lissalde also added, “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.”

Founded 130 years ago, BorgWarner has been a transformative global product leader bringing successful mobility innovation to market. Today, we’re accelerating the world’s transition to eMobility.