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.
BorgWarner has secured its first hydrogen injection system production program for an off-road application, aiding in CO2-free mobility. This system, awarded by a European construction equipment manufacturer, enhances energy efficiency and reduces refueling time, reflecting a favorable total cost of ownership. The company continues to advance in hydrogen technology for various vehicle segments, indicating a strategic shift towards cleaner propulsion options. BorgWarner aims to integrate complete solutions for hydrogen applications, leveraging its expertise in fuel injection systems.
BorgWarner Inc. (NYSE: BWA) has successfully completed its acquisition of AKASOL AG, enhancing its commercial vehicle and industrial electrification capabilities. This strategic move aims to capitalize on the growing battery systems market, with AKASOL contributing approximately $600 million in expected electric vehicle revenue by 2025. The merger aligns with BorgWarner's Project Charging Forward, targeting 45% of total revenue from electric vehicles by 2030. Former AKASOL CEO, Sven Schulz, will continue in a consulting role following the merge, which marks the final step to full ownership.
BorgWarner (NYSE: BWA) announced a deal to acquire Santroll Automotive Components for up to ¥1.4 billion, enhancing its electric vehicle (EV) capabilities. The acquisition includes a ¥1.1 billion initial payment and a potential ¥0.3 billion earnout. Santroll, based in Tianjin, China, specializes in eMotor technology for light vehicles, contributing valuable manufacturing expertise and established customer relationships. The deal aims to bolster BorgWarner's vertical integration and accelerate its market presence in EV solutions, with closing expected in late Q1 2022, pending customary conditions.
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BorgWarner Inc. (NYSE: BWA) declared a quarterly cash dividend of $0.17 per share on February 9, 2022. The dividend will be paid on March 15, 2022 to stockholders of record as of March 1, 2022. As a leader in sustainable mobility solutions, BorgWarner operates in 96 locations across 22 countries and employs approximately 50,000 people globally. This dividend reflects the company's commitment to returning value to its shareholders while continuing to innovate in the vehicle market.
BorgWarner has joined the U.S. Department of Energy's Better Climate Challenge, committing to a minimum of 50% reduction in greenhouse gas emissions over the next decade. This initiative emphasizes energy efficiency and corporate responsibility, with BorgWarner required to report its GHG findings annually. The company aims to become carbon neutral by 2035 and will collaborate with peers like Ford and General Motors. Dr. Volker Weng expressed enthusiasm for sharing solutions to climate challenges as part of a larger clean energy economy effort.
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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.