Romeo Power Announces Shipment of First Production Pedigree Packs to Key Customer

Rhea-AI Summary

Romeo Power (NYSE: RMO) has commenced shipping production pedigree packs to a key customer in the electric heavy-duty vehicle sector. This milestone follows the successful development of 80 kWh battery packs utilizing the company's proprietary modules and battery management system. Manufactured in Romeo's Vernon, California facility, these batteries enable vehicles to travel up to 350 miles on a single charge. The company is set to expand production capacity at its new Cypress factory, with the transition from the Vernon site expected by Q3 2022.

Positive

• Commencement of shipping production pedigree packs to a significant customer.
• Achievement of a milestone in the electric heavy-duty vehicle market.
• Production of 80 kWh battery packs capable of 350 miles per charge.
• Expansion of manufacturing capacity with a new facility in Cypress.

Negative

• None.

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 that it has begun shipping the first production pedigree packs to a key customer that manufactures fully electric heavy-duty commercial vehicles.

This successful production launch is the culmination of a custom pack development program using Romeo’s off-the-shelf modules and battery management system. The 80 kWh packs were prototyped and manufactured in Romeo’s 112,000 square foot factory in Vernon, California.

“Romeo has just achieved a major milestone, not only for ourselves, but for zero-emissions commercial transportation as a whole. Our energy-dense batteries now power fully electric heavy-duty vehicles that are expected to travel up to 350 miles on a single charge,” said Susan Brennan, Romeo’s Chief Executive Officer. “It’s thrilling to see our battery technology enable this important step in electrification.”

Romeo will continue to expand production capacity for this and other customers in its new Cypress factory. Production is scheduled to commence in the new factory later this year with the transition from Vernon to Cypress expected to be completed during the third quarter of 2022.

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, please follow the Company on social media @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/20220329005797/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 latest update about Romeo Power's production?

Romeo Power has started shipping production pedigree battery packs to a key customer, marking a significant milestone.

What type of vehicles will Romeo Power's batteries support?

The batteries are designed for fully electric heavy-duty commercial vehicles.

How far can the new battery packs power a vehicle on a single charge?

The 80 kWh battery packs can power vehicles for up to 350 miles on a single charge.

Where are Romeo Power's battery packs manufactured?

The battery packs are manufactured in Romeo's Vernon, California facility.

When is Romeo Power's production transition expected to be completed?

The transition to the new Cypress facility is expected to be completed during Q3 2022.