Romeo Power Completes Phase One of Move to New Orange County Location

Rhea-AI Summary

Romeo Power (NYSE: RMO) has completed the first phase of its move to a new 191,000 sq. ft. headquarters and manufacturing facility in Cypress, California. This facility is still under construction, but departments like sales and finance have begun operations. The company expects to create hundreds of jobs in Orange County and plans to commence production in late 2022. While the transition occurs, Romeo continues operations in its current facility in Vernon, California.

Positive

• Completion of first phase of new headquarters and manufacturing facility.
• Expected to create hundreds of jobs in Orange County.
• Production scheduled to commence in late 2022.

Negative

• Transition to new facility not yet completed, potential delays in operations.
• Ongoing construction may disrupt immediate operational efficiencies.

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 completed the first phase of the company’s move to its new state-of-the-art headquarters and manufacturing facility located in Cypress, California.

The new facility includes 191,000 square feet of industrial space which is still under construction to build out critical laboratory and testing areas, as well as to prepare the manufacturing floor for operations. While construction is ongoing elsewhere in the building, employees in the sales, finance, accounting, and legal departments are now working from the office space.

“A new era of Romeo Power’s growth has begun,” said Susan Brennan, Romeo’s Chief Executive Officer. “Over the next several months, we will bring hundreds of jobs to Orange County. We look forward to being an active member of the Orange County business community from our new location in Cypress.”

Production is scheduled to commence in the Cypress factory later in 2022 with the transition from Vernon to Cypress expected to be completed during the third quarter of 2022. In the meantime, Romeo continues all development and manufacturing activities in its existing factory in Vernon, California.

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/20220331005032/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 significance of Romeo Power's new facility in Cypress?

The new facility marks a significant step in Romeo Power's growth strategy, providing a larger space for manufacturing and operations.

When is production expected to start at Romeo Power's new Cypress facility?

Production is scheduled to commence later in 2022 at the Cypress facility.

How many jobs is Romeo Power expected to create in Orange County?

Romeo Power expects to create hundreds of jobs in Orange County as part of its move to the new facility.

What is the size of Romeo Power's new headquarters?

The new headquarters spans 191,000 square feet.