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Romeo Power Signs Lease for 215,000 Square Foot State-of-the-Art Facility in Southern California
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Rhea-AI Summary
Romeo Power has announced the leasing of a 215,000 square foot headquarters in Cypress, California. This facility will enhance the company's battery development and testing capabilities, doubling its laboratory capacity and improving overall manufacturing throughput and quality. The move is a strategic response to increasing demand for Battery Electric Vehicles (BEVs). Expected transition completion is within 6-9 months. This expansion is crucial for meeting the needs of commercial BEV manufacturers and fleet managers.
Positive
Leasing a new 215,000 square foot facility in Cypress, California to support growth.
Facility expansion will double laboratory and testing capacity, enhancing product innovation.
Improved manufacturing capabilities expected to increase throughput, quality, and cost-effectiveness.
Strategic move aligns with growing demand for Battery Electric Vehicles.
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New Cypress, CA Headquarters Location Will Support Company’s World-Class Testing and Manufacturing Capabilities to Meet Growing Demand
LOS ANGELES--(BUSINESS WIRE)--
Romeo Power, Inc. (“Romeo Power”) (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, has leased a new Class A, state-of-the-art headquarters and manufacturing facility located in Cypress, California. The facility will support Romeo Power’s expansion of battery development and testing capabilities adjacent to its production line, allowing for faster innovation and time to market.
The modern 215,000 square foot facility includes 191,000 square feet of industrial space that will be designed to double critical laboratory and testing capacity. The expanded manufacturing capabilities will enhance throughput, quality and cost effectiveness. Significantly increased office space will also allow for continued organizational investment in scientific, engineering and other support resources driving growth. The transition to the new facility is currently expected to begin in the near future and is expected to be completed over the next 6-9 months.
“The development of this new facility is an important milestone for Romeo Power and provides a critical foundation as we continue to further enhance our industry leading technology and scale to meet the growing needs of our customers for our products,” said President and Chief Executive Officer, Susan Brennan.
Brennan continued, “Since the company’s founding, Romeo Power has been committed to meeting the ever-changing needs of the electrification market and demand continues to grow. Safety, enhanced performance and optimal value for BEV owners and fleet managers is an expectation of our customers and continuing to deliver new and innovative solutions is what differentiates Romeo Power. Order growth demands a new strategy for space optimization, and we are grateful to have found a great location to meet our expected growth trajectory.”
Romeo Power develops batteries and battery management systems for Battery Electric Vehicle (BEV) manufacturers requiring the greatest energy density and longest ranges resulting in the lowest total cost of ownership for vehicle owners and fleet managers. Romeo Power’s efficient and highly adaptable battery solutions are designed to enable BEV owners to eliminate negative emissions in a safe and cost-effective manner so they can meet the evolving environmental regulations in the United States and abroad. Since its founding, Romeo Power has been winning customers among key heavy-duty commercial BEV manufacturers and fleet managers based on industry leading safety technology and energy density, end-use scalability and unique built-in energy management intelligence optimizing charging time, mileage and battery life. This premium combination of product features translates to superior vehicle and fleet uptime, enhanced profit per mile and maximized return on battery investment for vehicle owners and fleet managers. The electric vehicle industry has reached a critical inflection point and the demand for affordable high-density battery solutions is at an all-time high.
About Romeo Power
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 hardware, 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 romeopower.com.
Notice Regarding 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. These statements are based on management’s current beliefs and expectations. These statements include, but are not limited to, statements that relate to Romeo Power’s business and its future, including the timing of its transition to the new facility, the ability of Romeo Power to improve throughput, quality and cost-effectiveness of its products at the new facility, the demand for high-density battery solutions, and any statements that relate to the intent, belief, plans or expectations of Romeo Power or its management, or that are not a statement of historical fact. These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. For a discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Romeo Power in general, see the risk disclosures in Romeo Power’s Annual Report on Form 10-K for the year ended December 31, 2020, and in other filings made with the SEC by Romeo Power. Forward-looking statements speak only as of the date they are made, 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.
