Romeo Power is liquidating its 215,000-square-foot EV battery assembly plant in Cypress, California. A Tiger Group Online auction features thousands of lithium-ion battery cells, along with industrial assets such as robots, CNC machines, assembly and testing equipment, and the company’s intellectual property. “Available turnkey or in combinations of bulk lots, Romeo Power’s IP and other… Read more »
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Nikola acquires Romeo Power to bring battery pack production in-house
Colorful electric truck startup Nikola Motor (NASDAQ: NKLA) will acquire energy storage specialist Romeo Power (NYSE: RMO) in an all-stock transaction. The deal values Romeo’s equity at approximately $144 million. Headquartered in Cypress, California, Romeo is focused on designing and manufacturing battery modules and packs for commercial vehicles. As Romeo’s largest customer, Nikola expects the… Read more »
Romeo Power and PACCAR enter long-term EV supply agreement
Romeo Power has announced a long-term supply agreement with PACCAR to provide battery packs, modules and battery management systems for PACCAR’s EVs. Under the agreement, Romeo Power will be a battery supplier for Peterbilt 579 and 520 EVs in the US and Canada through 2025. The start of production is anticipated to begin after 2021…. Read more »
Heritage and Romeo Power invests in future of battery recycling
Heritage has launched a new division, Heritage Battery Recycling (HBR), to address the growing market demand for safe, sustainable solutions for lithium-ion batteries at the ends of their lives. HBR’s goal is to recover and reuse critical battery materials that exist in limited supplies across the globe. In collaboration with Romeo Power, HBR will develop… Read more »
Star-studded startup Romeo Power to manufacture EV battery packs
Santa Monica startup Romeo Power plans to manufacture EV-specific battery packs that it says will outperform any systems on the EV market today. The recently-launched company has over 50 employees, and an executive team that includes some well-known EV pioneers. Co-Founder and CTO Porter Harris is a veteran of SpaceX and Faraday Future, and VP… Read more »
Nikola liquidates Romeo’s battery assembly assets: auction ends July 13
Electric truck maker Nikola is liquidating the assets of battery maker Romeo Power, which it acquired last August for about $144 million. Nikola, which also sources batteries from LG Energy Solution and Proterra, hoped that bringing battery manufacturing in-house would enable operational improvement and cost reductions. For whatever reasons, it doesn’t seem to have worked… Read more »
Waste haulers are beginning to order EVs as power, weight, range and cost converge
Waste haulers have been experimenting with various types of alternative-fuel vehicles for years. As a recent article in Transport Dive reports, major public companies including Waste Management, Waste Connections and Republic Services, as well as private haulers such as Recology, and some municipally run fleets, have tested various types of EVs, as well as other… Read more »
Battery pack maker Romeo Systems to go public in $1.33-billion SPAC deal
EV battery pack manufacturer Romeo Systems plans to go public through a merger with a special purpose acquisition company (SPAC) called RMG Acquisition in a $1.33-billion deal, which is expected to close in the fourth quarter of 2020. The combined company will be listed on the NYSE under the symbol RMO. The transaction is expected… Read more »
The heavy-duty electric truck market could break out in 2024
Electrifying heavy-duty trucks is essential if we’re to fight climate change and air pollution, but the pace of the transition has been painfully slow—many, many pilots, but few truly large-scale orders. For example, shipping giant Schneider acquired 92 Freightliner eCascadias in 2023—a good start, but only that, considering that the company currently operates over 10,000… Read more »
Battery storage companies raised $1.4 billion in first half of 2019
Battery storage companies raised $1.4 billion in 17 deals during the first half of 2019, according to a report from Mercom Capital Group. That figure is up 139 percent from H1 2018, during which companies raised $543 million in 30 deals. There were six battery storage mergers and acquisitions in H1 2019, compared to eight… Read more »