Montreal, August 3, 2022 – Cycle Capital – a leading cleantech venture capital platform – announces that its portfolio company Rhombus Energy Solutions (“Rhombus”) has been acquired by BorgWarner (NYSE: BWA) a publicly-traded Tier 1 automotive supplier.
Rhombus supplies patented next-generation bi-directional EV charging infrastructure to EV OEMs, such as Proterra and Blue Bird, as well as integrators that provide grid services, such as Nuvve. High-efficiency power conversion and advanced energy management systems enable Rhombus to offer increased performance and reliability for EV fleet charging.
Since its inception in 2012, Rhombus has become a leader in the EV space and has developed best-in-class Vehicle-to-Grid (V2G) solutions, making it a key contributor to the race to net zero for the transportation sector and improving grid reliability. The acquisition by BorgWarner will allow to accelerate the deployment of EV charging solutions for EV fleets amid exponential growth in the sector.
“We are extremely proud of the company’s progress and glad to have contributed to its growth over the course of our investment in Rhombus. This acquisition is a natural fit between cutting-edge, tech focused companies that are scaling innovative and sustainable e-Mobility solutions.” says Andrée-Lise Méthot, Founder and Managing Partner of Cycle Capital.
This transaction has an enterprise value of up to US $185 million. It comes less than two years after Cycle Capital’s investment in the company alongside Emerald Technology Ventures, Inci Holding, Nabtesco Technology Ventures, Greenhouse Capital Partners and private investors.
Rick Sander, Co-Founder, President and CEO of Rhombus said, “After leading an incredibly talented team of people for 10 years at Rhombus, I am energized with taking this next step in achieving our goals and vision to become part of a global industry leader in e-Mobility Charging by joining the BorgWarner organization. The strategic fit with BorgWarner’s Charging Forward initiative is perfect; providing Rhombus the platform to continue our rapid growth by leveraging BorgWarner’s strengths and being part of one of the world’s largest providers of innovative and sustainable mobility solutions for the global vehicle market.”
“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,” said Frédéric Lissalde, President and CEO of BorgWarner.
IMPROVED acted as financial advisor to Rhombus’ and its shareholders in the transaction.
Cycle Capital Cycle Capital is an impact investor and leading private cleantech venture capital investment platform. With offices in Montreal, Toronto and Qingdao, mainland China, and a presence in New York and Seattle, Cycle Capital invests across North America and China in growing and commercializing companies that have developed technologies aimed at reducing greenhouse gas emissions and optimizing resources and processes. Cycle Capital is the founder of Cycle Momentum Accelerator. For more information on Cycle Capital, visit: cyclecapital.com
Rhombus Energy Solutions
Rhombus develops and manufactures next-generation bi-directional electric vehicle charging infrastructure, high-efficiency power conversion systems and energy management systems (EMS) software for vehicle-to-grid (V2G) capable electric vehicle fleet charging, energy storage and microgrid applications. The high reliability of our solutions is the result of decades of experience developing high-power systems for a variety of applications and deployment scenarios, including UL-1741-SA system-to-grid solutions. For more information on Rhombus, visit: rhombusenergysolutions.com
For more than 130 years, BorgWarner has been a transformative global product leader bringing successful mobility innovation to market. Today, we’re accelerating the world’s transition to E-mobility — to help build a cleaner, healthier, safer future for all. For more information on BorgWarner, visit: bordwarner.com
CYCLE CAPITAL Catherine Berube firstname.lastname@example.org