Auto-parts maker BorgWarner is set to buy electric-vehicle charging provider Rhombus Energy Solutions.
BorgWarner said the enterprise value of the deal can go up to $185 million. The acquisition will assist BorgWarner to add EV charging presence in North America and expand in Europe.
BorgWarner, which supplies to car makers including General Motors (GM) and Ford Motor, has targeted more revenue from electric vehicles by 2030.
BorgWarner reported sales of $3.76 billion in Q2 2022.