Republic Services Increases Investment in Romeo Power as Parties Explore Strategic Alliance; Tim Stuart, Republic’s Chief O...
November 10 2020 - 6:30AM
Business Wire
Romeo Systems, Inc. (“Romeo Power”), a leader in designing and
manufacturing lithium-ion battery modules and packs for commercial
electric vehicles, announced today that Republic Services, Inc.
(“Republic Services”) (NYSE: RSG), a leader in recycling and solid
waste solutions, has exercised its option to acquire additional
shares of Class A common stock in RMG Acquisition Corp. (“RMG”)
(NYSE: RMG), representing less than 5% of the currently outstanding
shares of RMG. RMG, a special purpose acquisition company,
previously announced a definitive agreement for a business
combination that would result in Romeo Power becoming a publicly
listed company. Republic Services is the second largest recycling
and waste disposal company in the United States, with a fleet of
more than 16,000 vehicles. Romeo Power and Republic Services
continue to actively work on establishing a strategic alliance to
support Republic’s comprehensive electrification and sustainability
goals and strategy.
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In addition, Tim Stuart, Chief Operating Officer of Republic
Services, will join the Board of Directors of Romeo Power upon
Romeo Power’s planned business combination with RMG. “Republic
Services is excited to increase our investment in and strengthen
our partnership with Romeo Power,” commented Tim Stuart. “The
establishment of a strategic alliance is an important component of
our fleet electrification strategy and will help drive responsible
growth and value creation.”
“We are thrilled to further strengthen our relationship with
Republic Services. The company is an incredibly well respected
organization with a bold sustainability platform, and we appreciate
their vote of confidence in our business,” remarked Lionel Selwood,
Jr., Chief Executive Officer of Romeo Power. “Tim Stuart’s
expertise in corporate strategy and operations will help Romeo
Power expand its electrification technology into waste disposal and
other markets.”
Through its industry leading technology and energy dense battery
packs, Romeo Power enables large-scale sustainable transportation
by delivering safer, longer lasting batteries with shorter charge
times. The company has a 7 GWh-capable manufacturing facility in
Los Angeles, California. Its core product offering is focused on
the battery electric vehicle medium duty short haul and heavy duty
long haul trucking markets. The merger between Romeo Power and RMG
is expected to close later this year and will result in shares of
Romeo Power listing on the New York Stock Exchange under the ticker
“RMO.”
About Romeo Power
Romeo Power, founded in 2016 in California by Michael Patterson,
is an industry leading energy technology company focused on
designing and manufacturing lithium-ion battery modules and packs
for commercial electric vehicles. Through its energy dense battery
modules and packs, Romeo Power enables large-scale sustainable
transportation by delivering safer, longer lasting batteries with
shorter charge times. With greater energy density, Romeo Power is
able to create lightweight and efficient solutions that deliver
superior performance, and provide improved acceleration, range,
safety and durability. Romeo Power’s modules and packs are
customizable and scalable, and they are optimized by its
proprietary battery management system. The company has
approximately 100 employees and more than 60 battery-specific
engineers and a 113,000 square foot manufacturing facility in Los
Angeles, California with key battery development capabilities
performed in-house. On October 5, 2020, Romeo Power and RMG
Acquisition Corp. (“RMG”) (NYSE: RMG), a special purpose
acquisition company, announced a definitive agreement for a
business combination that would result in Romeo Power becoming a
publicly listed company. Upon closing of the transaction, the
combined company will be named Romeo Power, Inc. and is expected to
remain listed on the NYSE and trade under the new ticker symbol
“RMO.” For additional information on Romeo Power, please visit
https://romeopower.com
About RMG Acquisition Corp.
RMG Acquisition Corp (NYSE: RMG) is a special purpose
acquisition company whose management and board has deep experience
in power, renewable energy, environmental services, energy
technology and corporate governance. RMG’s team includes top level
executives from Goldman Sachs, Carlyle Group, Cogentrix Energy,
Deloitte & Touché, Access Industries, Calpine Corporation and
Riverside Management Group.
About Republic Services, Inc.
Republic Services, Inc. is an industry leader in U.S. recycling
and non-hazardous solid waste disposal. Through its subsidiaries,
Republic's collection companies, transfer stations, recycling
centers, landfills and environmental services provide effective
solutions to make responsible recycling and waste disposal
effortless for its customers across the country. Its 36,000
employees are committed to providing a superior experience while
fostering a sustainable Blue Planet® for future generations to
enjoy a cleaner, safer and healthier world. For more information,
visit RepublicServices.com, or follow the company at
Facebook.com/RepublicServices, @RepublicService on Twitter and
@republic services on Instagram.
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Romeo Power
For Investors ICR, Inc. RomeoPowerIR@icrinc.com
For Media ICR, Inc. RomeoPowerPR@icrinc.com
Republic Services, Inc.
For Investors Stacey Mathews Vice President, Investor
Relations investor@republicservices.com (480) 718-6548
For Media Donna Egan Media Relations
media@republicservices.com (480) 757-9748
RMG Acquisition Corp. Philip Kassin Chief Operating
Officer pkassin@rmginvestments.com 212-785-2579
Romeo Power (NYSE:RMO)
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