Romeo Power Announces Successful Completion of its Relocation to New State-of-the-Art Manufacturing Center in Orange County, CA

Rhea-AI Summary

Romeo Power (NYSE: RMO) has completed its relocation to a new 215,000 sq. ft. manufacturing center in Cypress, California, concluding the final phase of the move from Vernon, California. This transition, which involved moving testing labs and equipment, positions the company for enhanced production capabilities and operational efficiencies. CEO Susan Brennan noted the advantages of consolidating operations under one roof, aiming for expansion into marine and industrial markets. The new facility significantly increases production capacity by four times.

Positive

• Completion of relocation to a new 215,000 sq. ft. manufacturing center in Cypress.
• Increased production capacity by four times compared to previous location.
• Consolidation of operations enhances operational efficiencies and supports market expansion.

Negative

• None.

Company Marks Major Milestone with Final Phase of Its Move to Cypress, Advancing Plans for New Market Expansion, Enhanced Production Capabilities and Operational Efficiencies

CYPRESS, Calif.--(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 third and final phase of its relocation from Vernon, California to its new 215,000 sq. ft. manufacturing center and headquarters in Cypress, California.

The Company recently completed the transition of remaining testing labs and equipment from its Vernon site to the new facility, with a significant amount of advanced planning, engineering, logistics and permitting to land and connect equipment and minimize down time.

“The relocation of our labs and completion of our move marks a significant milestone for Romeo Power,” said Chief Executive Officer Susan Brennan. “With testing, engineering, design, quality, production, shipping and support services all in a single, state-of-the-art facility, we are well positioned for planned expansion into marine and industrial markets, improved operational efficiencies, and scaling of manufacturing and production.”

“Further, Cypress offers a great location for us because of its proximity to both Los Angeles and Orange County, a diverse workforce, and an established and thriving business corridor,” Brennan added.

Romeo’s Chief Operating Officer Anne Devine said the Company received a great deal of support from the City of Cypress, enabling them to move through the permitting process and complete the relocation on schedule and on budget.

“We are thrilled to have our entire team, equipment and processes under one roof,” Devine said. “Our new manufacturing operation will not only support growth, it will enhance throughput, quality and cost-effectiveness. With 24,000 square feet of office space dedicated to engineering, product management, quality and other support resources, and another 191,000 square feet of factory space dedicated to state-of-the-art automated module manufacturing, pack assembly and advanced testing laboratories, we can produce four times the capacity as compared to our previous location. We want to especially thank the City of Cypress for welcoming us to the business community here. We are very excited to be moved into our new home in Cypress.”

About Romeo Power, Inc.

Founded in 2016 and headquartered in Cypress, 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.

Source: Romeo Power Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220725005153/en/

For Investors:

Joe Caminiti or Ashley Gruenberg

Alpha IR Group

RMO@alpha-ir.com

312-445-2870

Source: Romeo Power Inc.

FAQ

What milestone did Romeo Power achieve recently?

Romeo Power completed the final phase of its relocation to a new manufacturing center in Cypress, California.

How much production capacity has Romeo Power increased after the move?

Romeo Power's new facility allows for a fourfold increase in production capacity.

Where is Romeo Power's new headquarters located?

Romeo Power's new headquarters is located in Cypress, California.

What markets is Romeo Power planning to expand into?

Romeo Power plans to expand into marine and industrial markets.