Romeo Power Delivers Batteries to an Industry-Leading Integrator in the Industrial/Off-Highway Market

Rhea-AI Summary

Romeo Power (NYSE: RMO) announces the delivery of commercial batteries to a leading integrator of Industrial/Off-Highway vehicles, marking significant progress in its development program. The company aims to support electrification in sectors such as agriculture and construction. CEO Susan Brennan highlighted the collaborative effort in optimizing battery systems for this emerging market. This follows Romeo's initial work in the Industrial sector, which began with testing packs shipped in 2021 and 2022. The company's innovative battery technology is positioned to drive value across various heavy equipment applications.

Positive

• Delivery of commercial batteries to a leading integrator signifies expansion in the Industrial/Off-Highway sector.
• Collaborative development with customers enhances battery system optimization.
• Broad applicability of battery technology across agriculture, construction, mining, and forestry industries.

Negative

• None.

Development program marks Romeo Power’s continued expansion into battery and electrification solutions for Industrial and Heavy Duty Off-Highway vehicles

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 the Company is delivering commercial batteries to a leading integrator of Industrial/Off-Highway equipment and vehicles.

“We are thrilled to deliver our innovative battery packs to an established integrator of Industrial/Off-Highway products as it develops a new addition to its already robust portfolio. Romeo has been engaged with this customer from the earliest stages of their product development, allowing both companies to incorporate important learnings into future battery systems that will be optimized for this emerging sector,” said Romeo’s Chief Executive Officer Susan Brennan. “Our customer’s portfolio will provide an exciting opportunity to showcase Romeo’s leading technology, which offers the power and energy output, as well as the exceptional safety and shock and vibration characteristics, necessary for the electrification of Off-Highway equipment and vehicles used in these environments.”

Brennan added, “Romeo Power is driving the transition to a clean energy future by delivering advanced electrification solutions for the world’s most complex commercial vehicle applications. Our innovative battery products and solutions are a natural fit for the electrification of equipment and vehicles across a number of industries, including agriculture, construction, mining and forestry. This delivery further demonstrates how Romeo Power EV battery technology is driving value across a diverse array of heavy equipment and vehicle types as new industries and OEMs pursue electrification.”

Romeo first initiated work in the Industrial sector last year, shipping testing packs in 2021 and 2022 to its first Off-Highway customer, a global pioneer in innovative products for agriculture and construction. “Our initial pilot project in this space was with a prominent OEM. After compiling hundreds of hours of testing and data-driven results, we have a clear understanding of the needs and nuances of electrification for Off-Highway equipment and vehicles. From tractors and excavators to earth movers and harvesters, Romeo Power designs and builds highly configurable battery packs that power the industry forward,” Brennan said.

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, 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/20220707005739/en/

For Investors:

Joe Caminiti or Ashley Gruenberg

Alpha IR Group

RMO@alpha-ir.com

312-445-2870

Source: Romeo Power Inc.

FAQ

What recent development has Romeo Power announced?

Romeo Power announced the delivery of commercial batteries to a leading integrator of Industrial/Off-Highway vehicles.

How does Romeo Power's technology impact the Industrial sector?

The technology is aimed at supporting the electrification of various Industrial and Off-Highway vehicles, enhancing efficiency in sectors like agriculture and construction.

What is the significance of the battery delivery for Romeo Power?

The delivery signifies Romeo Power's continued expansion into the electrification market and partnerships with key customers.

When did Romeo Power start working in the Industrial sector?

Romeo Power initiated work in the Industrial sector in 2021, shipping testing packs to its first Off-Highway customer.

What industries benefit from Romeo Power's battery technology?

Industries such as agriculture, construction, mining, and forestry benefit from Romeo Power's advanced battery technology.