Romeo Power Focuses on Growth & Expansion in Three Key Markets with Opening of New 215,000 Sq. Ft. Manufacturing Center

Rhea-AI Summary

Romeo Power, Inc. (NYSE: RMO) has relocated to a new manufacturing facility in Cypress, California, enhancing its operations and capabilities. This state-of-the-art center will support the company's growth and improve the quality of its electrification solutions for commercial vehicle applications. The new facility is poised to accelerate time to market for battery pack development and expand its reach into the Industrial and Marine sectors, targeting new customer bases.

Positive

• Relocation to a new state-of-the-art manufacturing facility in Cypress, California.
• Enhanced operational capabilities aiming to improve quality and cost-effectiveness of electrification products.
• Supports accelerated time to market for battery pack development.
• Targeting expansion into Industrial/Off-Highway and Marine markets.

Negative

• None.

New headquarters and state-of-the-art manufacturing facility enables Romeo to accelerate business opportunities in the Transportation sector and target expansion in Industrial and Marine Environments

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, is completing its relocation to a new state-of-the-art manufacturing center in Cypress, California to accommodate the Company’s growth trajectory, leverage the diverse Orange County technology talent pool, and enhance the quality and cost-effectiveness of the Company’s leading electrification products.

The Company is nearing completion of the final phase of its relocation, where the new manufacturing operation in Orange County is already supporting battery pack and technology development adjacent to its production line, which will allow for faster time to market.

Romeo Power’s Chief Executive Officer Susan Brennan said, “Our new facility symbolizes an important milestone for Romeo Power, providing a critical foundation as we enhance our products and technology, as well as scale to meet the needs of current and prospective customers. This is especially critical for Romeo as we focus on growing our existing customer base in commercial fleets, while targeting new customers in the Industrial/Off-Highway and Marine markets.

“Romeo initiated work in both the Industrial/Off-Highway and Marine sectors in 2021, supplying battery testing packs to a global pioneer in innovative products for agriculture and construction and a global marine technology customer,” Brennan added. “We have a clear understanding of the electrification needs in Off-Highway and Marine applications, and we are well prepared to deliver our prestigious battery packs to accelerate the future of these sectors.”

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/20220712006113/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 (RMO) made to its manufacturing capabilities?

Romeo Power has completed its relocation to a new manufacturing facility in Cypress, California, aimed at improving operational capabilities and accelerating product development.

How will Romeo Power's new facility impact its market strategy?

The new facility will enhance Romeo Power's ability to enter the Industrial and Marine sectors, expanding its customer base and product offerings.

What advantages does Romeo Power's new headquarters provide?

The new headquarters allows for improved quality, cost-effectiveness, and faster time to market for Romeo Power's advanced electrification solutions.

In which sectors is Romeo Power targeting expansion?

Romeo Power is focusing on expanding into the Industrial/Off-Highway and Marine markets.