Romeo Systems, Inc. (“Romeo Power”), a leader in designing and
manufacturing lithium-ion battery modules and packs for commercial
electric vehicles, has secured another large production contract
with a commercial vehicle leader. Romeo Power announced today that
it has secured a multi-year production contract with The Lion
Electric Co. (“Lion Electric”), a leading OEM in North American
electric commercial transportation. The contract is expected to
generate $234 million in revenue for Romeo Power over a five-year
period beginning in 2021. The contract spans across Lion Electric’s
fleet of all-electric class 6-8 commercial urban trucks and
all-electric buses.
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“Romeo Power is very excited about this partnership with Lion
Electric, which represents Romeo Power’s eighth production contract
in North America and nearly doubles our contracted revenue to date.
Lion has already proven itself as a formidable leader in the
electrification of the transportation industry with its growing
fleet of commercial electric vehicles on the road today,” commented
Lionel Selwood, Jr., Chief Executive Officer of Romeo Power. “This
contract demonstrates increasing customer demand for our products,
reinforces our ability to turn our pipeline into contracted
revenue, and further validates Romeo Power as the industry leader
in battery pack and module technology.”
“As a leader in zero-emission heavy duty vehicles, we focus on
putting more all-electric buses and other commercial vehicles on
roads across North America. We are happy to partner with Romeo
Power and use its best-in-class battery technology. We are proud of
this association that will help us deploy even more all-electric
buses and trucks in the years to come,” commented Marc Bédard,
Chief Executive Officer - Founder of Lion Electric.
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.
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 The Lion Electric Co.
Lion Electric is an innovative manufacturer of zero-emission
vehicles. The company creates, designs, and manufactures
all-electric class 5 to class 8 commercial urban trucks and
all-electric buses and minibuses for the school, paratransit, and
mass transit markets. Lion is a North American leader in electric
transportation and designs, builds, and assembles several of its
vehicles’ key components, including chassis, truck cabins and bus
bodies.
Always actively seeking new and reliable technologies, Lion
vehicles have unique features that are specifically adapted to its
users and their everyday needs. Lion believes that transitioning to
all-electric vehicles will lead to major improvements in our
society, environment, and overall quality of life.
Lion Electric, The Bright Move
For additional information, please visit
thelionelectric.com.
About RMG Acquisition Corp.
RMG Acquisition Corp 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 (CPN) and Riverside
Management Group. For additional information, please visit
http://www.rmgacquisition.com/.
Important Information and Where to Find It
This press release relates to a proposed transaction between RMG
and Romeo Power. RMG intends to file with the Securities and
Exchange Commission (“SEC”) a registration statement on Form S-4
that will include a proxy statement and prospectus of RMG. The
proxy statement/prospectus will be mailed to stockholders of RMG as
of a record date to be established for voting on the proposed
business combination. RMG also will file other relevant documents
from time to time regarding the proposed transaction with the SEC.
INVESTORS AND SECURITY HOLDERS OF RMG ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE
FILED BY RMG FROM TIME TO TIME WITH THE SEC CAREFULLY AND IN THEIR
ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and
security holders will be able to obtain free copies of the proxy
statement/prospectus and other documents containing important
information about RMG and Romeo Power once such documents are filed
with the SEC, through the website maintained by the SEC at
http://www.sec.gov. Copies of the documents filed with the SEC by
RMG when and if available, can be obtained free of charge on RMG’s
website at www.rmginvestments.com or by directing a written request
to RMG Acquisition Corp., 50 West Street, Suite 40-C, New York, New
York 10006.
Participants in the Solicitation
RMG and Romeo Power and their respective directors and executive
officers, under SEC rules, may be deemed to be participants in the
solicitation of proxies of RMG’s stockholders in connection with
the proposed transaction. Investors and security holders may obtain
more detailed information regarding the names and interests in the
proposed transaction of RMG’s directors and officers in RMG’s
filings with the SEC, including RMG’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2019, which was filed with
the SEC on April 1, 2019. Information regarding the persons who
may, under SEC rules, be deemed participants in the solicitation of
proxies to RMG’s stockholders in connection with the proposed
business combination will be set forth in the proxy
statement/prospectus for the proposed business combination when
available. Additional information regarding the interests of
participants in the solicitation of proxies in connection with the
proposed business combination will be included in the proxy
statement/prospectus that RMG intends to file with the SEC.
No Offer or Solicitation
This communication shall neither constitute an offer to sell or
the solicitation of an offer to buy any securities, nor shall there
be any sale of securities in any jurisdiction in which the offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
Forward Looking Statements
This press release includes “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 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
RMG’s or 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:
the inability to complete the transactions contemplated by the
proposed business combination; the inability to recognize the
anticipated benefits of the proposed business combination, which
may be affected by, among other things, the amount of cash
available following any redemptions by RMG stockholders; the
ability to meet the NYSE’s listing standards following the
consummation of the transactions contemplated by the proposed
business combination; costs related to the proposed business
combination; 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 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; the performance of Romeo Power’s products;
potential litigation involving RMG or Romeo Power; and general
economic and market conditions impacting demand for Romeo Power’s
products. Other factors include the possibility that the proposed
transaction does not close, including due to the failure to receive
required security holder approvals, or the failure of other closing
conditions. The foregoing list of factors is not exhaustive. You
should carefully consider the foregoing factors and the other risks
and uncertainties described in the “Risk Factors” section of RMG’s
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, the
registration statement on Form S-4 and proxy statement/prospectus
discussed below and other documents filed by RMG from time to time
with the SEC. These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the 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 neither RMG nor Romeo Power
undertake any 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.
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Romeo Power
For Investors ICR, Inc. RomeoPowerIR@icrinc.com
For Media ICR, Inc. RomeoPowerPR@icrinc.com
Lion Electric Patrick Gervais Vice-President, Marketing
and Communications Patrick.gervais@thelionelectric.com Cell :
514-992-1060 www.thelionelectric.com
RMG Acquisition Corp. Philip Kassin Chief Operating
Officer pkassin@rmginvestments.com 212-785-2579
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