BorgWarner to acquire a 20% stake in Romeo Power Technologies.

BorgWarner, an American worldwide automotive industry components and parts supplier, to acquire a 20% stake in Romeo Power Technologies, an electrical engineer in Vernon, California. As part of the deal, BorgWarner will fill two seats on Romeo Power’s board and form a joint venture, in which it will have a 60% stake. Financial terms were not disclosed. "This joint venture will not only complement our strong existing propulsion portfolio, but we expect it to fill a gap in the marketplace between battery cell manufacturers and hybrid and electric vehicle customers," said Joel Wiegert, President and General Manager BorgWarner Morse Systems. "We believe our global engineering and manufacturing footprint enables us to quickly commercialize cutting-edge technology, delivering even more value to our customers."