Romeo Power Selected by Key Customer as Sole Provider of Lithium-Ion Batteries for Next Gen Electric Vehicle
May 06 2022 - 8:45AM
Business Wire
Decision supports Romeo Power’s focus on
designing innovative, versatile commercial battery solutions for
the evolving EV market
Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO),
an energy technology leader delivering advanced electrification
solutions for complex commercial vehicle applications, today
announced that the Company has been selected by a U.S. manufacturer
of Low-Speed Electric Vehicles (LSEVs) as the sole provider of
lithium-ion batteries for its next generation vehicle. These LSEVs
are affordable, road-ready transportation options for food,
packages and other resources, and are also ideal for campus
mobility and last-mile distribution applications.
“We are pleased to have been chosen as the battery supplier for
our valued customer, and we believe it provides further validation
of our technology and the value proposition we offer to OEMs,” said
Romeo’s Chief Executive Officer Susan Brennan. “This partnership
allows Romeo to fulfill our customer’s need for versatile
commercial battery products sourced in North America.”
“Our customer’s next generation LSEVs will feature a sleek
design, functionality, affordability and sustainability, making it
an attractive option for fleet managers who constantly seek ways to
enhance performance while reducing costs,” Brennan added. “Romeo
Power’s high-quality lithium-ion battery solutions, which are
designed and assembled in the U.S., suit the fit, form and function
needed for our customer’s vehicles, while delivering high
performance and superior safety properties. Our premium battery
product will support our customer’s goal to deliver a high
reliability LSEV for domestic and international markets.”
Brennan concluded that this agreement is a win-win for both
organizations. “Romeo Power and our customer are both very excited
about this opportunity, and we look forward to formally announcing
the details of this strategic partnership in the near future.”
Romeo Power’s Chief Technology Officer AK Srouji, PhD,
highlighted four key areas of the Company’s expertise driving its
customer’s selection of Romeo Power products over other options,
including:
- Romeo’s standard modules provide the necessary energy required
in a small form factor to meet the customer’s unique vehicle
configuration requirements.
- Romeo Power’s highly configurable battery solutions meet the
customer LSEV’s requirement for a mid-range voltage battery module,
whereas competitors offered only high-voltage or low-voltage
solutions.
- Romeo Power’s standard battery solution comes fully compatible
with the manufacturer’s customized in-house battery Thermal
Management System (TMS), ensuring optimal performance and longevity
of the battery. With the ability to properly control battery
temperatures for vehicle operations and recharging, the customer’s
new LSEV will be fully operational in a wide range of climates and
locations.
- Romeo Power’s innovative design offers its customer the ability
to implement the latest generation of battery technology, which
will keep its products relevant well into the future. Romeo’s
modules also come with industry-leading lithium-ion cells and
applicable certifications to meet mandatory U.S. transportation and
other regulations.
About Romeo Power, Inc.
Founded in 2016 and headquartered in Los Angeles, California,
Romeo Power (NYSE: RMO) is an energy technology leader delivering
advanced electrification solutions for complex commercial vehicle
applications. The Company’s suite of advanced battery electric
products, combined with its innovative battery management system,
delivers the safety, performance, reliability and configurability
its customers need to succeed. To keep up with everything Romeo
Power, follow the Company on social media, @romeopowerinc or visit
RomeoPower.com
Forward Looking Statements
Certain statements in this press release may constitute “forward
looking statements” within the meaning of the “safe harbor”
provisions of the United States Private Securities Litigation
Reform Act of 1995. When used in this press release, the words
“estimates,” “projected,” “expects,” “anticipates,” “forecasts,”
“plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,”
“future,” “propose” and variations of these words or similar
expressions (or the negative versions of such words or expressions)
are intended to identify forward-looking statements. These
forward-looking statements, including, without limitation, express
or implied statements concerning Romeo Power’s ability to develop
or sell new products, or to pursue customers in new product or
geographic markets, Romeo Power’s expectations regarding its future
financial performance, the demand for safe, effective, affordable
and sustainable EV products, Romeo Power’s ability to produce and
deliver such products on a commercial scale, and Romeo Power’s
expectations that its customers will adhere to contracted purchase
commitments on the currently expected timeframe are not guarantees
of future performance, conditions or results, and involve a number
of known and unknown risks, uncertainties, assumptions and other
important factors, many of which are outside Romeo Power’s
management’s control, that could cause actual results or outcomes
to differ materially from those discussed in the forward-looking
statements. Important factors, among others, that may affect actual
results or outcomes include: Romeo Power’s ability to execute on
its plans to develop and market new products and the timing of
these development programs; Romeo Power’s ability to increase the
scale and capacity of its manufacturing processes; Romeo Power’s
estimates of the size of the markets for its products; the rate and
degree of market acceptance of Romeo Power’s products; the success
of other competing technologies that may become available; Romeo
Power’s ability to identify and integrate acquisitions; Romeo
Power’s potential need for and ability to secure additional
capital; the performance of Romeo Power’s products and customers;
potential litigation involving Romeo Power; demand for battery
cells and supply shortages; the potential effects of COVID-19; and
general economic and market conditions impacting demand for Romeo
Power’s products. You should carefully consider the foregoing
factors and the other risks and uncertainties described in the
Company’s filings with the SEC. If any of these risks materialize
or our assumptions prove incorrect, actual results could differ
materially from those implied by our forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Romeo Power undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220506005288/en/
Romeo Power Inc. For Investors: Joe Caminiti or
Ashley Gruenberg Alpha IR Group RMO@alpha-ir.com 312-445-2870
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