Romeo Power and Republic Services Announce Strategic Alliance Agreement Including a Vehicle Retrofit Test Program
Romeo Power (NYSE: RMO) has formed a Strategic Alliance with Republic Services (NYSE: RSG) to enhance the development of advanced battery technology for electric garbage trucks. This partnership will involve a steering committee to oversee the project and a retrofit test program, removing diesel engines from select vehicles to install electric motors and Romeo Power battery packs, targeting completion by the end of 2021. The initiative aims to promote sustainable transportation and improve fleet electrification for Republic Services.
- Collaboration with Republic Services strengthens Romeo Power's position in the electric vehicle market.
- The retrofit program targets the electrification of diesel garbage trucks, enhancing sustainability efforts.
- The timeline for delivering retrofitted trucks is set for the end of 2021, which may indicate potential delays.
Romeo Power, Inc. (“Romeo Power”) (NYSE: RMO), an energy technology leader delivering large-scale electrification solutions for complex commercial applications, and Republic Services, Inc. (“Republic Services”) (NYSE: RSG), a leader in recycling and solid waste solutions, announced today that they have entered into a Strategic Alliance Agreement (the “Agreement”) to collaborate on the development of Romeo Power’s battery technology for use in Republic’s electric garbage trucks.
Through a Strategic Alliance Agreement, two of Republic’s refuse vehicles will be retrofitted with electric motors and Romeo Power battery packs. (Photo: Business Wire)
As part of the Agreement, senior leaders from each company will sit on a steering committee that will monitor and guide the alliance. The two companies will work closely to determine the key performance metrics of Romeo Power’s battery packs that will suit Republic’s specific refuse use-cases. As part of the Agreement, the two parties also have agreed to a retrofit test program in which the diesel engines and related components will be removed from two of Republic’s vehicles and replaced with electric motors and Romeo Power battery packs, with a goal of delivering the retrofitted trucks by the end of 2021.
“By combining Romeo Power’s advanced energy technology with Republic Services’s vehicles, we pave the way for responsible and sustainable commercial transportation,” said Lionel Selwood, Jr., Chief Executive Officer of Romeo Power. “We look forward to working with the Republic Services team and being part of their electrification solutions.”
Tim Stuart, Chief Operating Officer of Republic Services, has also recently joined the Board of Directors of Romeo Power. “This strategic alliance is an exciting component of Republic’s fleet electrification strategy,” commented Stuart. “We believe our partnership with Romeo Power will strengthen our leadership position within our industry in both electrification and sustainability.”
Through its industry-leading technology and energy dense battery packs, Romeo Power enables large-scale, sustainable transportation by delivering safer, longer lasting batteries with shorter charge times. The company has a 7 GWh-capable manufacturing facility in Los Angeles, California. Its core product offering is focused on the battery electric vehicle medium-duty short haul and heavy-duty long haul trucking markets.
About Romeo Power, Inc.
Founded in 2016 and headquartered in Los Angeles, California, Romeo Power (NYSE: RMO) is an energy technology leader delivering large-scale electrification solutions for complex commercial applications. The company’s suite of advanced hardware, combined with its innovative battery management system, delivers the safety, performance, reliability and configurability its customers need to succeed. Romeo Power's 113,000 square-foot manufacturing facility brings its flexible design and development process inhouse to pack the most energy dense modules on the market. To keep up with everything Romeo Power, please follow the company on social @romeopowerinc or visit www.romeopower.com.
About Republic Services, Inc.
Republic Services, Inc. (NYSE: RSG) is an industry leader in U.S. recycling and non-hazardous solid waste disposal. Through its subsidiaries, Republic's collection companies, transfer stations, recycling centers, landfills and environmental services provide effective solutions to make responsible recycling and waste disposal effortless for its customers across the country. Its 36,000 employees are committed to providing a superior experience while fostering a sustainable Blue Planet® for future generations to enjoy a cleaner, safer and healthier world. For more information, visit RepublicServices.com, or follow the company at Facebook.com/RepublicServices, @RepublicService on Twitter and @republic services on Instagram.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210128005277/en/
FAQ
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