Romeo Power Announces 3 Year Extension with an Existing Customer and Leader in Commercial Vehicles

Rhea-AI Summary

Romeo Power (NYSE: RMO) announced a three-year extension of an existing supply agreement with a long-term customer, valued at approximately $17 million.

The agreement underscores Romeo Power's commitment to delivering advanced electrification solutions for commercial vehicles. Chief Strategy Officer Lauren Webb highlighted the strategic importance of their proprietary battery technology and the continued strong relationships with customers.

Positive

• Supply agreement extension valued at approximately $17 million.
• Continued relationship with a longstanding customer in the commercial vehicle sector.
• Reinforces Romeo Power's position in delivering advanced battery technology.

Negative

• None.

Longstanding Romeo customer finalizes a multi-year supply agreement extension valued at $17 million

LOS ANGELES--(BUSINESS WIRE)-- 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 a three-year extension of an existing supply agreement with one of Romeo’s longstanding customers. The minimum value of the extension is approximately $17 million, with additional upside possible over the same time period.

Lauren Webb, Chief Strategy and Commercial Officer commented: “I am extremely pleased to announce the finalization of a three-year extension of our supply agreement with one of Romeo’s loyal legacy customers and a leader in the commercial vehicle industry. Our proprietary battery technology has once again demonstrated its industry-leading position and value, and we continue to maintain and foster relationships with our customers as a result. We are excited to extend our longstanding relationship with this customer to provide innovative battery solutions for years to come.”

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 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 in-house 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.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220223006173/en/

For Investors:

Joe Caminiti or Ashley Gruenberg

Alpha IR Group

RMO@alpha-ir.com

312-445-2870

Source: Romeo Power, Inc.

FAQ

What is the recent supply agreement extension for Romeo Power (RMO)?

Romeo Power announced a three-year supply agreement extension valued at approximately $17 million.

Who is the customer involved in Romeo Power's recent supply agreement?

The customer is a longstanding partner in the commercial vehicle industry, although their identity is not specified.

What does the supply agreement extension mean for Romeo Power's stock (RMO)?

The extension may enhance investor confidence due to the secured revenue stream of approximately $17 million.