Romeo Power and PACCAR Enter Long-Term Supply Agreement for Peterbilt 579 and 520 Battery-Electric Vehicles
April 06 2021 - 7:00AM
Business Wire
Romeo Power, Inc. (“Romeo Power”) (NYSE: RMO), an energy
technology leader delivering large-scale electrification solutions
for complex commercial applications, announced today a long-term
supply agreement with PACCAR (Nasdaq: PCAR), a global technology
leader in the design, manufacture and customer support of
high-quality light-, medium- and heavy-duty trucks under the
Kenworth, Peterbilt and DAF nameplates, to provide battery packs,
modules and battery management systems (BMS) for PACCAR’s battery
electric vehicles (BEVs).
Under the agreement, Romeo Power will be a battery supplier for
Peterbilt 579 and 520 BEVs in the United States and Canada through
2025. The start of production is anticipated to begin after
2021.
“Romeo Power is very pleased to extend its relationship with
PACCAR through our new long-term supply agreement,” said Lionel
Selwood, Jr., CEO of Romeo Power. “PACCAR will continue to be a
great partner for Romeo Power as we work to achieve our shared
goals of reducing emissions with safe, energy efficient technology
solutions. We look forward to continuing to collaborate with PACCAR
to deliver leading-edge energy technology solutions that provide
our customers with the extended range, safety and reliability they
need to succeed.”
“PACCAR is committed to industry-leading quality and
innovation,” said Darrin Siver, PACCAR Senior Vice President.
“Romeo Power’s battery technology solutions will enable PACCAR to
deliver state-of-the-art transportation solutions that enhance
customers’ operations and environmental impact. We are pleased to
enter into a long-term supply agreement with Romeo Power as they
are paving the way for cost-effective electrification within the
commercial vehicle sector.”
About Romeo Power Founded in 2016 and headquartered in
Los Angeles, California, Romeo Power (NYSE: RMO) is an energy
technology leader delivering large-scale electrification solutions
for complex commercial 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. Romeo Power's
113,000 square-foot manufacturing facility brings its flexible
design and development process inhouse to pack the most energy
dense modules on the market. 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 forward-looking statements, including statements about the
long-term supply agreement, 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.
Important factors, among others, that may affect actual results or
outcomes include: the performance of Romeo Power’s products; design
and manufacturing changes and delays; demand for battery cells and
supply shortages; and general economic and market conditions. 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. For a further 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 filings with the SEC. 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.
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