BorgWarner Acquires Drivetek AG
By Mike Brezonick05 December 2022
BorgWarner Inc. announced that it has acquired Drivetek AG, a supplier of electrical technologies for automotive, transportation, industrial, energy and aviation sectors.
The transaction has an enterprise value of up to US$37 million, of which US$26.6 million was delivered at closing. An additional US$10.6 million could be paid in the form of contingent payments over the next three years, BorgWarner said.
Headquartered in Switzerland, Drivetek offers engineering and product development services for inverters, electric drive solutions and power electronics for buses, trucks and off-highway equipment, as well as a line of products that include specialized inverters for high-speed electrified turbomachinery. Its competencies include design and development of power electronics and electrical machines, system engineering and control software.
“Drivetek is an important partner with BorgWarner on our booked eFan business, with our first customer award being announced in February of this year,” said Frédéric Lissalde, president and CEO of BorgWarner. “Bringing Drivetek’s talented team in house is an investment that grows our power electronics capabilities in auxiliary inverters, which we expect to accelerate the growth of our High Voltage eFan business. We welcome the team to BorgWarner.”
This is the latest move in BorgWarner’s efforts to bolster its electrification business. Earlier this year, the company made a significant investment in Qnovo, Inc., a privately held, Silicon Valley-based software and controls company and in early 2021, it acquired German battery specialist Akasol AG.