Romeo Power Secures Initial Phase of Collaboration With Indigo Technologies

Rhea-AI Summary

Romeo Power (NYSE: RMO) has secured the initial phase of a commercial program with Indigo Technologies, focusing on lightweight electric vehicles for rideshare and delivery. This partnership emphasizes advancing energy-efficient solutions amid the evolving last-mile delivery sector. Indigo plans to unveil its FLOW show car later this year at the Los Angeles Auto Show, showcasing enhanced electric vehicle features. The collaboration aims to leverage Romeo's advanced battery technology, crucial for various vehicle applications, enhancing both companies' positions in the commercial EV market.

Positive

• Partnership with Indigo Technologies enhances Romeo Power's market position.
• Collaboration aims to develop lightweight electric vehicles, targeting growing demand.
• Romeo's advanced battery technology will support diverse vehicle applications.

Negative

• None.

New partner showcases commitment to advance Romeo’s products and solutions to new and diverse markets

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 it has been awarded the first phase of a multi-phase commercial program with Indigo Technologies (“Indigo”), an automotive OEM specializing in lightweight electric vehicles for rideshare and delivery driving targeting the lowest cost per mile.

Recent evolution of the last-mile delivery and on-demand passenger vehicle sector has created a need for energy- and space-efficient vehicles that optimize constant reloading of cargo and passengers. Indigo will launch its full size, FLOW show car later this year at the Los Angeles Auto Show. The FLOW PLUS full-size show car will launch with different prototype testing versions in 2023.

“Indigo’s selection of Romeo Power showcases the joint efforts of two nimble companies that strongly believe in the advancement of this emerging market. Romeo is pleased to partner with Indigo and further demonstrate its innovative vehicles for the rideshare and delivery market,” states Lauren Webb, Romeo’s Chief Strategy and Commercial Officer.

“We are pleased to announce our OEM technology collaboration with Romeo Power,” stated Greg Tarr, Indigo’s Chief Strategy Officer. “We have a great, technical collaboration with Romeo’s leadership team to develop our lightweight commercial vehicles in conjunction with Romeo’s advanced battery technology. Romeo’s battery technology is designed for a diverse and wide ranging set of vehicles, including on-road, off-road, marine, and stationary applications. Romeo’s superior Battery Management System (BMS) will be strategically important to customers, advancing Indigo’s efforts to separate itself from other purpose-built vehicles. We look forward to a valuable future of serving our mutual customer base and pioneering in the lightweight, commercial EVs sector.”

Romeo and Indigo will be exhibiting at the ACT Expo in Long Beach, California on May 9-12, 2022 and would welcome the opportunity to discuss this innovative collaboration with attendees, media, and investors.

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 @romeopowerinc or visit www.romeopower.com.

About Indigo Technologies, Inc.

Indigo is delivering an entirely new class of smooth riding and roomy electric vehicles that are highly efficient and affordable for fleets and drivers. Indigo EVs have the lowest cost-per-mile and carbon footprint for its class due to its patented robotic wheels that provide superior comfort and handling while maximizing usable cabin space for compact urban rideshare and delivery.

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/20220301005513/en/

Romeo Power Investors:

Joe Caminiti or Ashley Gruenberg

Alpha IR Group

RMO@alpha-ir.com

312-445-2870

Indigo Technolgies Media Contact:

press@indigotech.com

Source: Romeo Power, Inc.

FAQ

What is the partnership about between Romeo Power and Indigo Technologies?

Romeo Power has secured a partnership with Indigo Technologies to develop lightweight electric vehicles, focusing on enhancing energy efficiency for rideshare and delivery applications.

What are the expected developments from Indigo Technologies and Romeo Power?

Indigo Technologies plans to launch its FLOW show car at the Los Angeles Auto Show, with the collaboration aimed at advancing electric vehicle technology and market reach.

What does the collaboration signify for Romeo Power's future?

The partnership with Indigo Technologies signifies an opportunity for Romeo Power to strengthen its position in the electric vehicle market and leverage its battery technology for diverse applications.

When will the FLOW show car be launched?

The FLOW show car from Indigo Technologies is scheduled to be launched later in 2022 at the Los Angeles Auto Show.