Romeo Power Announces Completion of Second Phase of Relocation to New Manufacturing Facility in Orange County, California

Rhea-AI Summary

Romeo Power, Inc. (NYSE: RMO) has completed the second phase of its transition to a new manufacturing facility in Cypress, California. The company has moved all three production lines, enhancing operational efficiency and supporting growth. With a 215,000 square-foot space, it aims to double manufacturing capacity and improve product quality. The final phase of relocation is expected to wrap up in Q3 2022. CEO Susan Brennan highlighted the facility's strategic advantages, including proximity to Los Angeles, a diverse workforce, and advanced manufacturing capabilities.

Positive

• Completion of the second phase of relocation to a new facility in Cypress.
• Enhanced operational efficiency and capacity with a 215,000 square-foot facility.
• Ability to double manufacturing capacity and improve product quality.

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• None.

Romeo Advances Transition to Cypress Facility, Supporting Increased Operational Efficiency, Production Scaling and Growth Trajectory

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 the completion of the second phase of its relocation to a new state-of-the-art headquarters and manufacturing facility located in Cypress, California.

The Company has successfully moved all three of its production lines to its new Orange County facility and is now manufacturing and shipping packs to customers from Cypress. The Company will continue to operate Lab and Engineering services out of its Vernon, California site for the next several weeks.

“The new era of Romeo Power’s growth continues with the second phase of relocation to our state-of-the-art production facility and headquarters in Orange County,” said Romeo Power Chief Executive Officer Susan Brennan. “The successful relocation of all three production lines to Cypress, coupled with Lab and Engineering operations taking place in Vernon, allow us to continue manufacturing and delivering the highest quality products for our valued customers while we complete the final phase of the transition to our new facility.”

Romeo’s new 215,000 square-foot manufacturing operation in Cypress will support the Company’s growth and expansion while enhancing throughput, quality and cost-effectiveness. It also offers proximity to Los Angeles, a thriving business corridor and a diverse workforce. A total of 24,000 square feet of office space will allow for continued organizational investment in scientific, engineering and other support resources, with 191,000 square feet of factory space dedicated to pack assembly and state-of-the-art automated module manufacturing that will produce twice the capacity of the existing lines and multiple engineering laboratories that support product testing and validation.

"Our new facility validates our products, people and potential and ensures that Romeo Power is positioned to continue innovating, building and delivering advanced electrification solutions for commercial vehicles now and in the future," Brennan said.

Completion of the third and final phase of the Company’s move from Vernon to Cypress is scheduled to occur in the third quarter of 2022.

About Romeo Power

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, please 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220628005530/en/

Romeo Power Inc.

For Investors:

Joe Caminiti or Ashley Gruenberg

Alpha IR Group

RMO@alpha-ir.com

312-445-2870

Source: Romeo Power Inc.

FAQ

What recent changes has Romeo Power made regarding its manufacturing facility?

Romeo Power has completed the second phase of its relocation to a new state-of-the-art manufacturing facility in Cypress, California.

How does the new Cypress facility impact Romeo Power's production capacity?

The new Cypress facility allows Romeo Power to double its manufacturing capacity and improve product quality.

When is the final phase of Romeo Power's relocation expected to be completed?

The final phase of the relocation to the Cypress facility is scheduled for completion in the third quarter of 2022.

What are the benefits of Romeo Power's new facility in Cypress?

The Cypress facility enhances operational efficiency, offers proximity to Los Angeles for a diverse workforce, and provides advanced manufacturing capabilities.

What does Romeo Power specialize in?

Romeo Power specializes in advanced electrification solutions for complex commercial vehicle applications.