Tier 1 automotive supplier BorgWarner has acquired Rhombus Energy Solutions.
San Diego-based Rhombus provides EV charging and power conversion technology, including V2G applications. Rhombus supplies its patented technology to EV OEMs, including Proterra, as well as charging and grid service providers.
The transaction has an enterprise value of up to $185 million.
“The technology that Rhombus brings expands BorgWarner’s electric vehicle portfolio in North America and complements our existing European charging business,” said Frédéric Lissalde, President and CEO of BorgWarner. “This transaction strengthens our electric vehicle positioning as we look to power the entire propulsion system from grid to wheels. 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.”