Auto parts giant BorgWarner acquires Rhombus
The auto parts giant BorgWarner has acquired Rhombus Energy, an EV charging infrastructure startup whose focus includes vehicle-to-grid technologies.
Why it matters: There's been plenty of talk about how EVs can supply surplus electricity to homes, offices and the grid — and a handful of automakers have implemented the tech.
- This acquisition by a Tier 1 industry supplier signals that the idea is moving mainstream.
- BorgWarner is based in Detroit, with a market cap of close to $9.3 billion. Rhombus Energy, headquartered in San Diego, had raised about $18.8 million through April, per PitchBook.
Context: The Ford F-150 Lightning and the Hyundai Ioniq 5 are among the few EVs sold in the U.S. that include vehicle-to-grid — or V2G — capability.
- However, the technology is broadly seen as another way to introduce flexible power into the grid, potentially enabling grid operators to draw further electricity during peak demand — and allowing EV owners to be compensated for that service.
- It's also a selling point for homeowners concerned about resilience to power outages.