Romeo Power Selected by Key Customer as Sole Provider of Lithium-Ion Batteries for Next Gen Electric Vehicle

Rhea-AI Summary

Romeo Power, Inc. (NYSE: RMO) has been selected as the exclusive supplier of lithium-ion batteries for a U.S. manufacturer of Low-Speed Electric Vehicles (LSEVs). This partnership enhances Romeo's reputation and validates its technology for commercial battery solutions tailored to the evolving electric vehicle market. The LSEVs will be equipped with Romeo's high-quality batteries, designed for affordability and functionality, catering to fleet managers' needs for performance and cost reduction. This agreement is viewed positively by both Romeo and its customer, indicating a strong business relationship ahead.

Positive

• Selected as sole lithium-ion battery supplier for Low-Speed Electric Vehicles, validating technology and market position.
• Partnership enhances Romeo's visibility in the electric vehicle market, targeting fleet management and last-mile delivery.

Negative

• None.

Decision supports Romeo Power’s focus on designing innovative, versatile commercial battery solutions for the evolving EV market

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 has been selected by a U.S. manufacturer of Low-Speed Electric Vehicles (LSEVs) as the sole provider of lithium-ion batteries for its next generation vehicle. These LSEVs are affordable, road-ready transportation options for food, packages and other resources, and are also ideal for campus mobility and last-mile distribution applications.

“We are pleased to have been chosen as the battery supplier for our valued customer, and we believe it provides further validation of our technology and the value proposition we offer to OEMs,” said Romeo’s Chief Executive Officer Susan Brennan. “This partnership allows Romeo to fulfill our customer’s need for versatile commercial battery products sourced in North America.”

“Our customer’s next generation LSEVs will feature a sleek design, functionality, affordability and sustainability, making it an attractive option for fleet managers who constantly seek ways to enhance performance while reducing costs,” Brennan added. “Romeo Power’s high-quality lithium-ion battery solutions, which are designed and assembled in the U.S., suit the fit, form and function needed for our customer’s vehicles, while delivering high performance and superior safety properties. Our premium battery product will support our customer’s goal to deliver a high reliability LSEV for domestic and international markets.”

Brennan concluded that this agreement is a win-win for both organizations. “Romeo Power and our customer are both very excited about this opportunity, and we look forward to formally announcing the details of this strategic partnership in the near future.”

Romeo Power’s Chief Technology Officer AK Srouji, PhD, highlighted four key areas of the Company’s expertise driving its customer’s selection of Romeo Power products over other options, including:

• Romeo’s standard modules provide the necessary energy required in a small form factor to meet the customer’s unique vehicle configuration requirements.
  
  
• Romeo Power’s highly configurable battery solutions meet the customer LSEV’s requirement for a mid-range voltage battery module, whereas competitors offered only high-voltage or low-voltage solutions.

• Romeo Power’s standard battery solution comes fully compatible with the manufacturer’s customized in-house battery Thermal Management System (TMS), ensuring optimal performance and longevity of the battery. With the ability to properly control battery temperatures for vehicle operations and recharging, the customer’s new LSEV will be fully operational in a wide range of climates and locations.
  
  
• Romeo Power’s innovative design offers its customer the ability to implement the latest generation of battery technology, which will keep its products relevant well into the future. Romeo’s modules also come with industry-leading lithium-ion cells and applicable certifications to meet mandatory U.S. transportation and other regulations.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220506005288/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 is the significance of Romeo Power's partnership with a U.S. manufacturer of LSEVs?

The partnership positions Romeo Power as the sole supplier of batteries for Low-Speed Electric Vehicles, validating its technology and enhancing its market presence.

How will Romeo Power's batteries contribute to the new LSEVs?

Romeo Power's batteries are designed for high performance, safety, and compatibility with the vehicle's thermal management systems, ensuring operational efficiency.

What advantages do Romeo Power's battery solutions offer to fleet managers?

The battery solutions provide affordability and sustainability, helping fleet managers enhance performance while reducing operational costs.

What is the stock symbol for Romeo Power?

The stock symbol for Romeo Power is RMO, listed on the NYSE.