Welcome to our dedicated page for Borgwarner news (Ticker: BWA), a resource for investors and traders seeking the latest updates and insights on Borgwarner stock.
BorgWarner Inc. reports developments as a global automotive supplier serving original equipment manufacturers with turbo and thermal management technologies, drivetrain systems, powerdrive systems, and battery and charging systems. Company updates commonly cover OEM program awards for passenger cars, vans, commercial vehicles and off-highway applications, including variable turbine geometry turbochargers, exhaust gas recirculation coolers, controllers and battery management systems.
Recurring news also includes quarterly earnings, shareholder returns, sustainability recognition and BorgWarner's long-running Indianapolis 500 trophy programs. The company's disclosures reflect a supplier portfolio spanning combustion vehicle technologies and electrified mobility components across major automotive markets.
Qnovo, a leader in battery management software, has successfully closed $24M in Series-C financing, led by BorgWarner with participation from OGCI Climate Investments and Constellation Technology Ventures. The funds will be utilized to enhance their software products for electric vehicle (EV) production and stationary grid storage systems. Qnovo's innovative software improves battery performance and safety, addressing critical needs in next-generation vehicles. This investment aligns with the growing demand for sustainable energy solutions.
BorgWarner announced its lead investment in Qnovo, Inc., a Silicon Valley software company specializing in battery management, as part of a multi-million-dollar Series-C capital raise on January 11, 2022. This strategic partnership aims to enhance BorgWarner's battery solutions portfolio, focusing on battery health, fast charging, and extended battery life. Qnovo's software facilitates adaptive charging algorithms, promising improved safety and longevity for electric vehicle batteries. This investment aligns with BorgWarner's commitment to sustainable mobility solutions in the evolving electric vehicle market.
Atar Capital has successfully acquired BorgWarner's North American Controls (BWNAC) business, marking a significant carve-out in the automotive sector. BWNAC, based in Detroit, is a leading supplier of transmission solenoids and hydraulic control modules throughout North America. With this acquisition, Atar plans to focus on growth and diversification, leveraging established relationships with major automotive OEMs like Cummins and Ford. Industry veteran Ramzi Hermiz has been appointed interim CEO as the company transitions to a standalone entity.
BorgWarner has completed the sale of its Water Valley, Mississippi facility to Atar Capital as part of its Project Charging Forward, aiming to divest $3-$4 billion in revenues from its combustion portfolio by 2025. This facility generated approximately $180 million in sales for 2021. The total consideration for the sale amounts to $42 million in cash and notes, with potential earn-out payments of up to $30 million. While the company anticipates incurring a non-material GAAP loss from the sale, this move aligns with BorgWarner’s electrification strategy.
BorgWarner has signed an exclusive licensing agreement with PolyCharge America, securing rights to utilize their NanoLam™ capacitor technology in its inverters. This agreement enables BorgWarner to enhance its inverter offerings by integrating capacitors that are smaller, lighter, and capable of withstanding high temperatures. The NanoLam™ technology, utilizing super-thin polymer dielectric layers, reduces capacitor size and weight by 50% compared to traditional options, thereby increasing energy density and efficiency in high-power applications. This move aligns with BorgWarner's electrification strategy.
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BorgWarner, a leader in sustainable mobility solutions, has joined the Clean Energy Buyers Alliance (CEBA) as a "large energy buyer" member, reinforcing its commitment to environmental sustainability. This membership, effective Oct. 1, 2021, provides BorgWarner access to resources and collaboration opportunities with industry leaders. Dr. Volker Weng emphasized the importance of CEBA's community in the transition to clean energy and the goal of carbon neutrality in operations by 2035. CEBA, comprising over 270 members, aims to catalyze renewable energy projects and support large-scale energy buyers.
BorgWarner Thermal Systems has received an $11.2 million grant to enhance its electric vehicle business in Cadillac, Michigan. The investment includes a $225,000 performance-based grant from the Michigan Economic Development Corporation and will create up to 30 jobs. The Cadillac facility will produce high-voltage coolant heaters (HVCH) crucial for vehicle efficiency in hybrid and electric models, reinforcing Michigan's leadership in advanced manufacturing and electric vehicle innovation.
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BorgWarner Inc. (NYSE: BWA) announced a quarterly cash dividend of $0.17 per share, effective December 15, 2021, for stockholders of record on December 1, 2021. The company, a leader in sustainable mobility solutions, operates in 96 locations across 22 countries with approximately 50,000 employees. This dividend declaration reflects the company's commitment to returning value to shareholders while reinforcing its position in the global automotive market.