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Excerpt
BorgWarner intends to grow in the field of charging technology and, as part of this, is expanding the regional presence of its charging business in North America with the acquisition of Rhombus Energy Solutions. Rhombus is headquartered in San Diego, California (USA), and offers V2G and Underwriters Laboratory-certified charging. The company supplies its patented technology to electric vehicle manufacturers such as Proterra, as well as to charging and grid service providers. The transaction has an enterprise value of up to 185 million US dollars, funded primarily with cash. About 130 million dollars was paid at closing and up to 55 million dollars could be due in contingent payments over the next three years.
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