ProfitScout
2 years ago
Nikola Completes Exchange Offer to Acquire Romeo Power Common Stock
October 13, 2022 (PR Newswire)
Nikola Corporation (Nasdaq: NKLA) ("Nikola"), a provider of zero-emissions transportation and energy infrastructure solutions, today announced the successful completion of its exchange offer (the "Offer") to purchase all outstanding shares of common stock of Romeo Power, Inc. (NYSE: RMO).
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The Offer expired at midnight, Eastern Time, at the end of October 12, 2022, and was not extended. As of the expiration of the Offer, a total of approximately 93.16 million shares of Romeo common stock had been validly tendered and received, and not validly withdrawn, pursuant to the Offer, representing approximately 50.1% of outstanding shares of Romeo common stock immediately after consummation of the Offer.
The total number of shares tendered satisfied the minimum condition of the Offer, which required the tender by Romeo's stockholders of shares representing a majority of the outstanding Romeo common stock. All other conditions to the Offer having been satisfied or waived, Nikola will accept for payment, and expects to promptly pay for, all shares validly tendered into and not withdrawn from the Offer.
Nikola and Romeo jointly announced that the companies entered into a definitive agreement for this all-stock transaction on August 1, 2022. Under the terms of the merger agreement, Romeo stockholders will receive 0.1186 of a share of Nikola common stock for each Romeo share, representing an equity value of approximately 4.5% pro forma ownership of Nikola.
Nikola intends to proceed with the acquisition of Romeo in which a newly formed subsidiary of Nikola will be merged into Romeo, and any remaining shares of Romeo common stock that were not tendered in the exchange offer will be canceled and converted into the right to receive the same consideration as provided for in the exchange offer. Once the transaction is completed, Romeo will become a wholly owned subsidiary of Nikola and Romeo common stock will no longer be listed or traded on the New York Stock Exchange.
About Nikola Corporation
Nikola Corporation is a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona.
Additional Information and Where to Find It
This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares. On August 29, 2022, Nikola Corporation ("Nikola") filed a Registration Statement on Form S-4 (including a Prospectus/Offer to Exchange, a related Letter of Transmittal and other exchange offer documents (collectively, the "Registration Statement")) with the U.S. Securities and Exchange Commission (the "SEC"), as amended on September 27, 2022, and may file additional amendments thereto, and Nikola and a wholly-owned subsidiary of Nikola filed a Tender Offer Statement on Schedule TO with the SEC and has and may file additional amendments thereto. In addition, on August 29, 2022, Romeo Power, Inc. ("Romeo") filed a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC and has and may file amendments thereto. Nikola and Romeo may also file other documents with the SEC related to the transaction. This document is not a substitute for the Registration Statement, the Tender Offer Statement, the Solicitation/Recommendation Statement or any other document that Nikola or Romeo may file with the SEC related to the transaction (collectively, the "Exchange Offer Materials"). THE EXCHANGE OFFER MATERIALS CONTAIN IMPORTANT INFORMATION. ROMEO STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS (AS THEY MAY BE AMENDED FROM TIME TO TIME) CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF ROMEO COMMON STOCK SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING EXCHANGING THEIR COMMON STOCK. The Exchange Offer Materials are available to all Romeo stockholders at no expense to them. The Exchange Offer Materials are available for free on the SEC's website at www.sec.gov. Copies of the documents filed with the SEC by Nikola are also available free of charge by contacting Investor Relations, Nikola Corporation, 4141 E Broadway Road, Phoenix, Arizona 85040. Copies of the documents filed with the SEC by Romeo are also available free of charge by contacting Investor Relations, Corporate Secretary, Romeo Power, Inc., 5560 Katella Avenue, Cypress, California 90630. In addition to the Exchange Offer Materials, Nikola and Romeo file annual, quarterly and current reports and other information with the SEC. You may read any reports or other information filed by Nikola and Romeo at www.sec.gov.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws, including statements relating to the exchange offer, Nikola's expectations regarding payment and closing, the proposed merger, the anticipated benefits of the transaction, and Nikola's expectations regarding the closing of the merger. These forward-looking statements generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited: risks related to the ability of Nikola to consummate the proposed transaction on a timely basis or at all; the risk of litigation related to the merger; the effectiveness of the Registration Statement; the satisfaction of the conditions precedent to consummation of the proposed transaction, including having a sufficient number of Romeo's shares being validly tendered into the exchange offer to meet the minimum condition and not withdrawn; the occurrence of events that may give rise to a right of one or both of the parties to terminate the merger agreement; Nikola's ability to successfully integrate Romeo's battery pack production into its business; Nikola's ability to realize expected synergies; the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected benefits from the proposed transaction will not be realized or will not be realized within the expected time period; the risk that disruption from the proposed transaction may make it more difficult to maintain business and operational relationships; the potential negative effects of the announcement or the consummation of the proposed transaction on the market price of Nikola's common stock or on its business or operating results; the risk of litigation or regulatory actions related to the proposed transaction; the effect of the announcement or pendency of the transaction on Romeo's business relationships, operating results, and business generally; risks relating to significant transaction costs or known or unknown liabilities; risks associated with third party contracts containing consent or other provisions that may be triggered by the proposed transaction; and the ability of the parties to retain and hire key personnel. There can be no assurance that the proposed transaction or any other matters described above will in fact be consummated in the manner described or at all.
For additional information regarding factors that may cause actual results to vary materially from those stated in forward-looking statements, see the reports of Nikola and Romeo on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. These forward-looking statements are made only as of the date hereof and Nikola disclaims any obligation to update any forward-looking statement, except as required by law.
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SOURCE Nikola Corporation
ProfitScout
2 years ago
Romeo Power Reminds Stockholders to Tender Shares for Nikola Transaction Ahead of October 12, 2022 Deadline
September 29, 2022 (BusinessWire)
Romeo Power, Inc. ("Romeo") (NYSE: RMO), an energy storage technology company focused on designing and manufacturing lithium ion battery products and packs for vehicle electrification, today issued the following letter to Romeo stockholders reminding them to tender their shares into the exchange offer (the "Offer") by Nikola Corporation (NASDAQ: NKLA) ("Nikola") to purchase all outstanding shares of common stock of Romeo by midnight, Eastern Time, at the end of the day Wednesday, October 12, 2022.
The full text of the letter follows:
IMPORTANT INFORMATION: Romeo Power Stockholders are Reminded to Tender Shares for Nikola Transaction Before October 12, 2022 Deadline
Dear Romeo Stockholders,
On August 1, 2022, Nikola Corporation (Nasdaq: NKLA) ("Nikola") and Romeo Power, Inc. (NYSE: RMO) ("Romeo") announced a definitive agreement for an all-stock transaction.
More recently, on September 27, 2022, Nikola announced it had extended its exchange offer (the "Offer") to purchase all outstanding shares of common stock of Romeo until midnight, Eastern time, at the end of October 12, 2022.
I am reaching out to remind you to tender your shares prior to midnight, Eastern time, at the end of October 12, 2022. If less than a majority of the outstanding shares of Romeo common stock are tendered, the Offer cannot be completed by Nikola and no shares will be exchanged. Specifically, more than 50% of outstanding Romeo common stock must be validly tendered for the Offer to be completed, or approximately 93.00 million shares.
As of midnight, Eastern Time, on September 26, 2022, approximately 70.03 million shares of Romeo common stock had been validly tendered and received, and not validly withdrawn, pursuant to the Offer, representing approximately 37.65% of outstanding shares of Romeo common stock. For the Offer to be completed, an additional 22.97 million shares must be validly tendered.
The Romeo Board unanimously recommends that Romeo stockholders tender their shares pursuant to the Offer.
If a sufficient number of shares are not tendered and the Offer cannot be completed by Nikola, your investment may be subject to substantial risks outlined below.
What Happens If Stockholders Don't Tender Their Shares:
There are substantial risks to Romeo remaining an independent company, and if the merger is not completed, Romeo's ongoing business may be materially adversely affected, and Romeo could be subject to a number of risks. Critical risks, if the Offer or merger is not completed, include the following: Substantial Additional Capital to Fund Ongoing Operating or Other Needs to Avoid Insolvency: Romeo believes that it would need a substantial amount of additional capital in the immediate future to fund ongoing operations and strategic and growth objectives. Romeo's access to additional capital may be very limited in both availability and amount. Without access to additional capital, Romeo could be required to declare bankruptcy and may not be able to remain in business. Continued Battery Pack Production is Dependent on Financing Agreement with Nikola: Romeo and Nikola have a financing agreement intended to support continued battery pack production prior to completion of the merger. If the financing agreement is not sufficient to sustain Romeo during the period prior to completion of the merger, Romeo may not be able to continue its operations. Additionally, if the Offer and merger are not completed, Romeo will be required to repay the proceeds from the financing agreement within six months of termination of the Merger Agreement. Potential Delay in Business Decisions with Partners: Suppliers, customers or other business partners may delay or defer decisions concerning Romeo or re-negotiate agreements with Romeo. Stock Price Decline: The market price of Romeo's common stock may decline, particularly to the extent that the current market price reflects a market assumption that the Offer and merger will be completed.
How to Tender Your Shares:
If you hold shares of Romeo common stock through a broker, dealer, commercial bank, trust company or other nominee, instruct such broker or other nominee to tender your shares. Please do so promptly to allow sufficient time to meet any broker processing deadlines before the Offer expiration on October 12, 2022. Do not wait until the Offer expires to tender your shares.
Contact information for commonly used brokers:
Call TD Ameritrade at 888-723-8504, option 1 Call Fidelity at 800-343-3548 Call E-Trade at 1-800-387-2331 Contact Robinhood at https://robinhood.com/contact To participate, please include the stock symbol for the offer (RMO) and the number of shares you'd like to participate with. If your broker is not listed above, please contact your broker's customer service department and ask to speak with Corporate Actions. From here, you should be directed to someone who can help you. Romeo stockholders who hold shares directly can follow the instructions in the materials mailed to you. Stockholders should contact Alliance Advisors with any questions or to request documents and assistance at (855) 643-7453 (Romeo stockholders call toll-free) or (973) 873-7700 (bankers and brokers call collect), or email at nkla@allianceadvisors.com.
If you were unable to previously tender your shares due to process deadlines from your broker, you may tender your shares during the extension period. Please act as soon as possible to ensure you can tender your shares on time. Romeo stockholders who have previously tendered their shares do not need to re-tender their shares or take any other action as a result of the extension of the Offer.
On behalf of our entire team and the Board of Directors, thank you for your continued support of Romeo.
Sincerely, Robert Mancini Chairman of the Board
About Romeo Power, Inc.
Founded in 2016 and headquartered in Cypress, California, Romeo (NYSE: RMO) is an energy storage technology company focused on designing and manufacturing lithium ion battery products and packs for vehicle electrification. Romeo's suite of advanced battery electric products, 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, follow Romeo on social media, @romeopowerinc or visit romeopower.com.
Additional Information and Where to Find It This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares. On August 29, 2022, Nikola Corporation ("Nikola") filed a Registration Statement on Form S-4 (including a Prospectus/Offer to Exchange, a related Letter of Transmittal and other exchange offer documents with the U.S. Securities and Exchange Commission (the "SEC") and has and may file additional amendments thereto, and Nikola and a wholly-owned subsidiary of Nikola filed a Tender Offer Statement on Schedule TO with the SEC and has and may file additional amendments thereto. In addition, on August 29, 2022, Romeo Power, Inc. ("Romeo") filed a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC and has and may file amendments thereto. Nikola and Romeo may also file other documents with the SEC related to the transaction. This document is not a substitute for the Registration Statement, the Tender Offer Statement, the Solicitation/Recommendation Statement or any other document that Nikola or Romeo may file with the SEC related to the transaction (collectively, the "Exchange Offer Materials"). THE EXCHANGE OFFER MATERIALS CONTAIN IMPORTANT INFORMATION. ROMEO'S STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY (AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF ROMEO'S SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SECURITIES. The Exchange Offer Materials are available to all holders of Romeo's common stock at no expense to them. The Exchange Offer Materials are available for free at the SEC's website at www.sec.gov. Additional copies may be obtained for free by contacting Investor Relations, Corporate Secretary at Romeo Power, Inc., 5560 Katella Ave, Cypress, CA 90630 (for documents filed by Romeo) or Investor Relations, Corporate Secretary at Nikola Corporation, 4141 E Broadway Road, Phoenix, Arizona 85040 (for documents filed by Nikola).
Forward-Looking Statements This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, related to Romeo and the acquisition of Romeo by Nikola that involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "could," "would," "expect," "plan," "anticipate," "contemplate," "intend," "believe," "estimate," "continue," "goal," "project" or the negative of such terms or other similar terms. Forward-looking statements in this report include, among other things, statements about the potential benefits of the proposed transaction, risks related to the failure to complete the proposed transaction, Romeo's plans, objectives, expectations and intentions, the financial condition, results of operations and business of Romeo, and the anticipated timing of closing of the proposed transaction. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to differ materially from those projected or otherwise implied by the forward-looking statements, including the following: risks related to the ability of Romeo to consummate the proposed transaction on a timely basis or at all; the satisfaction of the conditions precedent to consummation of the proposed transaction, including having a sufficient number of Romeo's common stock being validly tendered into the exchange offer to meet the minimum condition; the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected benefits from the proposed transaction will not be realized or will not be realized within the expected time period; disruption from the transaction making it more difficult to maintain business and operational relationships; the negative side effects of the announcement or the consummation of the proposed transaction on the market price of Romeo's common stock or on Romeo's operating results; significant transaction costs; unknown liabilities; the risk of litigation and/or regulatory actions related to the proposed transaction, risks that Romeo is unsuccessful in integrating potential acquired businesses and product lines; risks of decreased revenues due to pricing pressures or lower product volume ordered from customers; risks that our products, and services fail to interoperate with third-party systems; potential price increases or lack of availability of third-party technology, battery cells, components or other raw materials that we use in our products; potential disruption of our products, offerings, and networks; our ability to deliver products and services following a disaster or business continuity event; risks resulting from our international operations, including overseas supply chain partners; risks related to strategic alliances; risks related to our ability to raise additional capital in the future if required; potential unauthorized use of our products and technology by third parties; potential impairment charges related to our long-lived assets, including our fixed assets and equity method investments; changes in applicable laws or regulations, including tariffs and similar charges; potential failure to comply with privacy and information security regulations governing the client datasets we process and store; the possibility that the novel coronavirus pandemic may adversely affect our future results of operations, financial position and cash flows; the possibility that Russia's invasion of Ukraine may result in continued price increases or lack of availability of certain raw materials; and the possibility that we may be adversely affected by other economic, business or competitive factors. The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this and other reports we file with or furnish to the SEC, including the information in "Item 1A. Risk Factors" included in Part I of our Annual Report on Form 10-K for the year ended December 31, 2021 and subsequent quarterly reports on Form 10-Q. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate.
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SOURCE: Romeo Power Inc.
Romeo Power Media
Chris Hodges or Joe Caminiti
RMO@alpha-ir.com
312-445-2870
comtex tracking
COMTEX_415548482/1006/2022-09-29T06:30:00
ProfitScout
2 years ago
Nikola Announces Extension of Exchange Offer to Acquire Romeo Power Common Stock
September 27, 2022 (PR Newswire)
Deadline for Stockholders to Tender Shares Extended to Midnight, Eastern Time, at the end of October 12, 2022
Nikola Corporation (Nasdaq: NKLA) ("Nikola"), a provider of zero-emissions transportation and energy infrastructure solutions, today announced that Nikola has extended its exchange offer (the "Offer") to purchase all outstanding shares of common stock of Romeo Power, Inc. (NYSE: RMO) ("Romeo") until midnight, Eastern Time, at the end of October 12, 2022.
Nikola and Romeo jointly announced that the companies entered into a definitive agreement for this all-stock transaction on August 1, 2022. Under the terms of the merger agreement, Romeo stockholders will receive 0.1186 of a share of Nikola common stock for each Romeo share, representing an equity value of approximately 4.5% pro forma ownership of Nikola.
On August 29, 2022, Nikola commenced, through a wholly-owned subsidiary, an exchange offer to purchase all outstanding shares of common stock of Romeo. The Offer was previously scheduled to expire at midnight, Eastern time, at the end of September 26, 2022. The Offer may be extended further in accordance with the merger agreement and the applicable rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). All other terms and conditions of the Offer will remain unchanged during the extended period.
Continental Stock Transfer & Trust, the exchange agent for the Offer, has advised Nikola that as of midnight, Eastern Time, on September 26, 2022, the last business day prior to the announcement of the extension of the Offer, approximately 70 million shares of Romeo common stock had been validly tendered and received, and not validly withdrawn, pursuant to the Offer, representing approximately 37.65% of outstanding shares of Romeo common stock. A minimum of 50.1% of outstanding Romeo common stock must be validly tendered for the Offer to be completed, or approximately 22.96 million additional shares. Romeo stockholders who have previously tendered their shares do not need to re-tender their shares or take any other action as a result of the extension of the Offer.
The deadline to tender shares is midnight, Eastern Time, at the end of October 12, 2022, unless extended further. If less than a majority of the outstanding shares of Romeo common stock are tendered, the Offer cannot be completed by Nikola.
The Information Agent for the exchange offer is Alliance Advisors. Stockholders should contact Alliance Advisors with any questions or to request documents and assistance at (855) 643-7453 (Romeo stockholders call toll-free) or (973) 873-7700 (bankers and brokers call collect), or email at nkla@allianceadvisors.com. Stockholders who own shares of Romeo common stock through a broker, dealer, commercial bank, trust company or other nominee, can tender their shares by instructing such broker or other nominee promptly to allow sufficient time to tender before the deadline.
About Nikola Corporation
Nikola Corporation is a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona.
Additional Information and Where to Find It
This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares. On August 29, 2022, Nikola Corporation ("Nikola") filed a Registration Statement on Form S-4 (including a Prospectus/Offer to Exchange, a related Letter of Transmittal and other exchange offer documents (collectively, the "Registration Statement")) with the U.S. Securities and Exchange Commission (the "SEC") and may file additional amendments thereto, and Nikola and a wholly-owned subsidiary of Nikola filed a Tender Offer Statement on Schedule TO with the SEC and has and may file additional amendments thereto. In addition, on August 29, 2022, Romeo Power, Inc. ("Romeo") filed a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC and has and may file amendments thereto. Nikola and Romeo may also file other documents with the SEC related to the transaction. This document is not a substitute for the Registration Statement, the Tender Offer Statement, the Solicitation/Recommendation Statement or any other document that Nikola or Romeo may file with the SEC related to the transaction (collectively, the "Exchange Offer Materials"). THE EXCHANGE OFFER MATERIALS CONTAIN IMPORTANT INFORMATION. ROMEO STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS (AS THEY MAY BE AMENDED FROM TIME TO TIME) CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF ROMEO COMMON STOCK SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING EXCHANGING THEIR COMMON STOCK. The Exchange Offer Materials are available to all Romeo stockholders at no expense to them. The Exchange Offer Materials are available for free on the SEC's website at www.sec.gov. Copies of the documents filed with the SEC by Nikola are also available free of charge by contacting Investor Relations, Nikola Corporation, 4141 E Broadway Road, Phoenix, Arizona 85040. Copies of the documents filed with the SEC by Romeo are also available free of charge by contacting Investor Relations, Corporate Secretary, Romeo Power, Inc., 5560 Katella Avenue, Cypress, California 90630. In addition to the Exchange Offer Materials, Nikola and Romeo file annual, quarterly and current reports and other information with the SEC. You may read any reports or other information filed by Nikola and Romeo at www.sec.gov.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws, including statements relating to the exchange offer, the expected timing of the expiration of the exchange offer, the proposed merger, the anticipated benefits of the transaction, and Nikola's expectations regarding the closing of the merger. These forward-looking statements generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited: risks related to the ability of Nikola to consummate the proposed transaction on a timely basis or at all; the satisfaction of the conditions precedent to consummation of the proposed transaction, including having a sufficient number of Romeo's shares being validly tendered into the exchange offer to meet the minimum condition; the occurrence of events that may give rise to a right of one or both of the parties to terminate the merger agreement; Nikola's ability to successfully integrate Romeo's battery pack production into its business; Nikola's ability to realize expected synergies; the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected benefits from the proposed transaction will not be realized or will not be realized within the expected time period; the risk that disruption from the proposed transaction may make it more difficult to maintain business and operational relationships; the potential negative effects of the announcement or the consummation of the proposed transaction on the market price of Nikola's common stock or on its business or operating results; the risk of litigation or regulatory actions related to the proposed transaction; the effect of the announcement or pendency of the transaction on Romeo's business relationships, operating results, and business generally; risks relating to significant transaction costs or known or unknown liabilities; risks associated with third party contracts containing consent or other provisions that may be triggered by the proposed transaction; and the ability of the parties to retain and hire key personnel. There can be no assurance that the proposed transaction or any other matters described above will in fact be consummated in the manner described or at all.
For additional information regarding factors that may cause actual results to vary materially from those stated in forward-looking statements, see the reports of Nikola and Romeo on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. These forward-looking statements are made only as of the date hereof and Nikola disclaims any obligation to update any forward-looking statement, except as required by law.
INVESTOR INQUIRIES:investors@nikolamotor.com
MEDIA INQUIRIES
Nicole Rosenicole.rose@nikolamotor.com480-660-6893
Colleen Robarcrobar@robarpr.com313-207-5960
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SOURCE Nikola Corporation
WeTheMarket
2 years ago
Filing of Certain Prospectuses and Communications in Connection With Business Combination Transactions (425)
August 05 2022 - 06:07AM
Filed by Nikola Corporation
https://ih.advfn.com/stock-market/NYSE/romeo-power-RMO/stock-news/88769728/filing-of-certain-prospectuses-and-communications
[Transcript of CNBC interview with Mark Russell, August 4, 2022.]
Speaker 7:
Welcome back. A trio of EV stories to tell you about today. Tesla’s annual shareholder meeting kicking off in just a few hours, shareholders are voting there whether to approve more shares, so it can follow through on the three for one stock split, it’s up sharply over the last month. Meantime, Lucid Motors is under pressure after cutting its vehicle guidance for this year by 50%. And then there’s Nikola, which is higher today beating analyst assessment on both lines, delivering 48 trucks in the second quarter, also confirming it expects to deliver between 300 and 500 trucks by the end of the year. And joining me now to talk about all that is Nikola’s CEO Mark Russell. Mark, welcome back. Good to have you.
Speaker 4:
Good to be here.
Speaker 7:
So- so on the- on the production, you delivered 48. I think you expected to deliver 50. Previously expected 50 to 60. What are you learning about this process as you get it going?
Speaker 4:
Well that it takes, uh, 10,000- about 10,000 parts to build a truck and the number you need to build a truck is all of them. (laughs). And if you don’t have one, you can’t build the truck.
Speaker 7:
And that you’re having trouble getting them?
Speaker 4:
Well, there were a lot of parts short as we ramp this up. Around the world, this is the biggest supply chain crisis I’ve ever lived through. And so getting all those parts in the right place at the right time was hard.
Speaker 7:
Is it getting any better?
Speaker 4:
Yeah. Actually, I think we’re in such a better position now than we were, uh, a month or a quarter ago for sure. And we expect to keep being in stronger position going forward with control over our battery supply chain once the Romeo acquisition closes.
Speaker 7:
Is that why you are sticking with the 300 to 500 delivery expectation for the full year despite this supply chain crisis?
Speaker 4:
Exactly. We- we’re confident that we’re gonna overcome anything that comes up and we’re gonna be able to- to hit in that range.
Speaker 7:
What is- what is your perception of- of consumer demand at this point for- for the trucks that you’re producing? Both the batteries and your future plans around hydrogen fuel cell.
Speaker 4:
Well, we- we’re not direct to consumer of course, we’re business to business. And the businesses that we sell to, they- they really want and need these trucks. Um, many of our launch customers have objectives to help decarbonize commercial transportation. And the only way you do that is if you can convert from diesel trucks to clean, pure emission trucks, which we sell. And we provide the energy that powers them.
Speaker 7:
What about the regulatory environment? Is that a headwind or a tailwind at this point?
Speaker 4:
Well, I’d say it- it’s potentially about to become a- a big tailwind if the current proposed legislation passes. The- the so-called Manchin Deal, if that is signed into law, that’s gonna be a powerful incentive for us and everybody else in the space. Additional purchase incentives and additional incentives on the production of- of clean hydrogen.
Speaker 7:
Why? So I was wondering about- about how it affects you directly. ‘Cause a lot- a lot’s been told about the consumer incentives to buy EV cars, how- how does it affect you and what you’re trying to do?
Speaker 4:
Well if this legislation passes as is, as we understand it, you know, it’ll include an incentive of up to $40,000 for a commercial vehicle, um, heavy truck like ours. That’s in line with what’s been there for passenger cars for a number of years. So that finally puts commercial vehicles on an equal footing with passenger cars. And then unique to heavy duty transport and unique to Nikola’s business model and just a few other people in the world, is the hydrogen production tax credit, up to $3 a- a kilo for- for hydrogen kilo produced. Which would be a powerful incentive to get hydrogen, uh, clean hydrogen into the economy and powering things like heavy trucks.
Speaker 7:
So would it ch- would it change the- the economics for you? The calculus, the forecast?
Speaker 4:
It would make it better, you know, everything we do is based on pure economics with no incentives or anything like that. We wanna make sure it works without incentives. But if we do have incentives, we’re thrilled for- to- to have those and they make it even better. That would be the case here, makes it even better.
Speaker 7:
I ask because so the analyst consensus is that your revenues are five times higher than they are- five times higher in ‘23 than they are in ‘22. Can- at- at this point, can the production run rate handle that? Can- can you meet those ex- high expectations?
Speaker 4:
Yeah. What we’re projecting, we’re confident we can- we can meet. And we are gonna be growing rapidly from here. And we start slowly here and then we grow rapidly. That’s the plan. And we feel confident we can do that.
Speaker 7:
And finally, Mark, how- how big of a challenge at this point is Trevor Milton, your founder, he- he is of course the largest shareholder and has a lot of voting control, about 20%, you overcame that to- to issue more stock recently. He’s about to face trial in September. I know you don’t wanna comment on all of that, but just in terms of what it’s allowing you to do here, the- some of the headwinds you still deal with on the reputational side and obviously when- when you’re fighting to- to change the rules like issue more shares.
Speaker 4:
We’re super focused on going forward. We’re grateful to have additional shares authorized now, to- got that approved. That gives us the flexibility to continue our growth rate going forward. And we’re super excited about what’s coming down the pipe for us. Our milestones in the next couple of quarters of next year are just super exciting. We- we- we can’t wait.
Speaker 7:
Mark Russell, thanks for giving us a- a status report. We appreciate it.
Speaker 4:
Thanks for having me on.
====================================================
Nikola (NASDAQ: NKLA) Q2 2022 Earnings Call & Webcast
[First used August 4, 2022]
Company Participants:
- Mark Russell, President & Chief Executive Officer
- Kim Brady, Chief Financial Officer
- Henry Kwon, Director of Investor Relations
Prepared Remarks
Mark Russell, CEO
Thanks for joining us! Q2 was important for Nikola – our first quarter of generating revenue from the Nikola Tre BEV. We couldn’t have achieved this milestone without the extraordinary hard work and dedication of our outstanding team of people. We’re proud of what we’ve accomplished so far, and we’re so excited about continuing this drive to decarbonize heavy transport. Let’s start with things on the vehicle front.
Tre BEV Update[Slide 4] We produced a total of 50 Nikola Tre BEVs in Coolidge, Arizona during the quarter, and we delivered 48 of those to our dealers around the country. Two were delivered just after the quarter end and they’ll be reported with Q3 shipments.
Our battery pack supplier Romeo continued to experience manufacturing challenges during the quarter, and we lost a total of 2 weeks of production at Coolidge due to delayed pack deliveries.
On the customer front, we have completed and we are continuing numerous successful pilot and demo programs, including several that have not been publicly announced. Notable among the public programs are TTSI, Biagi Brothers/Anheuser Busch, Univar, Road One/IKEA, Benore Logistics Systems, and Covenant, with SAIA starting this month, and Walmart in September. Average uptime for all Tre BEV’s in the field is an extraordinary 94% to date.
I’d like to highlight right now what it takes to actually takes to get a zero-emission truck into commercial service, hauling freight every day. I think this further validates Nikola’s long-standing focus on providing the total solution, including service, support and most importantly in this case, charging and fueling infrastructure.
When you commit to using zero emission trucks you also are committing to the infrastructure they need to operate. Let’s use TTSI as an example. They’ve committed to a 100-truck fleet of 30 Tre BEV’s and 70 Tre FCEV’s. They are up and running with Tre BEVs and a Tre FCEV prototype by using mobile electric charging and mobile hydrogen fueling equipment that Nikola has helped provide. Nikola’s mobile charging trailers, and a temporary-to-permanent version that we call an E-Skid, as well as mobile hydrogen fueling systems we have helped develop, can get a customer started. But continuing to scale up to fleet-level infrastructure can require additional significant and permanent electric power for charging, and permanent heavy-duty infrastructure for hydrogen fueling, all located so that they work with existing operations. Here again, Nikola is helping to provide this critical and necessary infrastructure, as you saw in our announcement this morning of three commercial hydrogen dispensing station in Southern California. Lead time for this infrastructure varies by location, BUT it can be significant. For example, in addition to normal permitting and local approvals, if charging infrastructure at a given location requires an upgrade to power capacity, utility switchgear or substation infrastructure, the lead time can be up to a year or even longer. Lead times for hydrogen dispensing locations (mess up) similarly vary by location but generally are also more than a year. In some cases, this infrastructure lead time, along with any hesitancy or delay in committing to OR commencing construction, could be a limiting factor in the growth of customer zero-emission customer fleets.
Tre FCEV Update
We began building the first batch of six Nikola Tre FCEV beta prototypes during Q2, which we expect to complete in August. The second batch of six Tre FCEV betas will start later this month and should finish by the end of Q3. The third batch will begin in Q3 and be completed by Q4 of this year according to plan. Specific changes from the alphas to betas include increased hydrogen storage capacity and improved efficiency of the fuel cell power module. These Beta trucks will enable further engineering development and performance validation testing. We’ll build THE gamma variants in Q1 for use in our own captive fleet and in additional customer pilots. We still expect to begin North American serial production of the Tre FCEV to begin in the second half of 2023.
Energy Business Commentary
[Slide 6] Moving on to the Energy. The land for our Arizona hydrogen hub is now under contract. We’ll announce the location after the closing, and then along with our partner TC Energy, we’ll break ground on Arizona’s first hydrogen production hub by the end of this quarter. Other hub locations we have announced so far including another partner project with TC Energy located in Crossfields, Alberta, and our project in partnership with Wabash Valley Resources in Indiana.
On the station and dispensing front, this morning we announced the progress made on 3 station locations in Ontario, Colton and Carson California. We’ve begun the permitting process and ordered long lead-time equipment for these stations. We expect they will be completed in Q4 2023.In addition to what we have publicly announced, there are numerous other production and dispensing projects in our development funnel that we will update you on when appropriate.
Progress Made at Nikola’s Coolidge, Arizona Manufacturing Facility
[Slide 7] We are on track to complete Phase 2 of our Coolidge, Arizona manufacturing facility by the end of Q1 2023, which will give us up to 20,000 units a year of nameplate capacity. The facility is capable of assembling both BEVs and FCEVs on the same line. We will also establish a line for assembly of our Bosch Fuel Cell Power Modules. Timing for Phase 3 of Coolidge will be announced at a future date, and that expansion will allow us to ramp production up to 45,000 units a year or more.
European JV Update
In June, our expanded European JV with IVECO began building the first EU Spec Tre BEVs. These are 4x2 variants that are targeted to the European market. The first 3 alpha builds are expected to be complete by Q3. We’ll then build 7 beta trucks during the third quarter for fourth quarter completion. Pre-series builds will take place during the second quarter of 2023, and we anticipate shipping the first production of EU Tre BEVs to customers in the second half of 2023.
During the second quarter, the JV also began building EU spec Tre FCEV betas. The build of the first batch of three trucks started in March and should be complete by the end of Q3. In July, we began building the second batch of 10 trucks, which should be complete by Q1 next year and EU spec Tre FCEV production is expected to begin in the first half of 2024.
The JV WITH IVECO originally was a contract manufacturing entity. However, Nikola and IVECO have now agreed to strategically expand the JV to include product development and vehicle engineering. This represents the maturing of our relationship with IVECO and the right next step for the JV to become more of an independent entity. Over to Kim now to take you through the numbers.
Kim Brady, CFO
Q2 Results
[Slide 12] Thanks, Mark, and good morning, everyone. There is a lot to cover today so let’s begin with the financial overview for the second quarter. In Q2, we reported revenues of $18.1 million on deliveries of 48 Tre BEVs and 4 MCTs. As Mark mentioned, we produced 50 Tre BEVs during the quarter at the lower end of our guidance, and two were delivered in the first week of July. The primary reason for our deliveries coming in at the low end of our guidance range was caused by two weeks of production losses in Q2 related to battery pack delivery delays from Romeo. Let’s go through the numbers, and I will outline what drove them and what we expect in the second half.
First, regarding Gross margin, the Tre Bev trucks we produced and delivered in Q2 are the most expensive battery trucks we will ever build. The objective was to do whatever it took to ensure the components were available at the assembly line to start the build of Tre Bev trucks. Nonetheless, there are a few items that we could have better foreseen in Q2 that we ultimately did not.
[Slide 14] There were two contributing factors to our gross margin guidance coming in lower than expected, the first being shipping and freight costs. We recorded $13.7 million in inbound shipping, freight, and duty expenses for the quarter, representing approximately 29% of our Cost of Revenues. Of this $13.7 million, $3.3 million represented duties and taxes, while $10.4 million came from freight expenses. Of the $10.4 million, roughly 80% of expenditures were expedited air freight. The impact on the Cost of Revenues was magnified because we purchased and received more components than we used in production due to the production delays that we referenced earlier. Thus, the impact of these two factors on our gross margin at our current revenue level was more pronounced than if we had already scaled. We had not budgeted this level of impact in our guidance, and it is something we will be better prepared for in future quarters.
To reduce our freight cost burdens going forward, we have started shifting the shipment of most components to ocean freight. We are also accelerating our localization efforts of certain components from the EU to North America. From these two actions, we expect a meaningful decrease in per unit inbound shipping and freight costs and a gradual easing of inbound freight cost pressure on our gross margin.
Next, let me provide some perspective on the quarterly inventory write-down of $7.5 million, representing a $4.1 million sequential increase. In 2Q, the Net Realizable Value, or “NRV”, adjustment represented 96% of the write-downs. As you may be aware, our inventory costs have risen in line with inflation and significantly more for battery cells, and Q2 was no exception. Under US GAAP, when our inventory value rises above a truck’s expected selling price or NRV, a reserve adjustment is required. This situation was compounded by holding more inventory than we would have held if no production delays occurred.
If you notice on the financial summary table in the deck, R&D expenses decreased by $11.5 million from Q1 to Q2. This is because prior to our commercial deliveries in Q2, manufacturing expense items, typically part of the Cost of revenues were recognized as R&D expenses, under US GAAP, including inbound shipping and freight, inventory write-downs, and D&A expenses.
Q2 EBITDA sequentially fell by $14.0 million to negative $163.6 million. We think it makes better sense to look at our results at the EBITDA level because of the reclassification items in Q2 regarding costs. We believe it is a better quarter-over-quarter comparison to focus on costs before interest and taxes this quarter given what they imply about our cash burn rate.
Equity in a net loss of affiliates decreased by $1.5 million in the second quarter to $1.3 million, driven by $1.2 million equity in net loss of Nikola IVECO Europe. As we shared in our Q1 earnings call, our European joint venture with IVECO now engages in product development and vehicle engineering in addition to its contract manufacturer role.
We recorded a $173.0 million net loss for the quarter, and basic and diluted Net Loss per share came to $0.41. Basic and diluted Non-GAAP Net Loss per share came to $0.25, beating consensus estimates.
On a Non-GAAP basis, adjusted EBITDA came to a negative $94.3 million. Adjusted EBITDA excludes (i) $54.8 million in stock-based compensation, (ii) $13.0 million for legal expenses to pay Mr. Milton’s attorneys’ fees under his indemnification agreement, (iii) $1.3 million for equity in net loss of affiliates, mainly from our IVECO JV in Europe, and (iv) a net $0.2 million loss for the revaluation of financial instruments including warrant liabilities and derivatives.
[Slide xx] On the Balance Sheet, we ended the second quarter with $529.2 in cash and equivalents, including restricted cash, up from $385.1 million at the end of Q1. The $144.1 million increase came from i) the $200 million private placement of convertible notes we placed in June with Antara Capital and ii) $50 million proceeds from the issuance of a promissory note collateralized by Nikola-owned equipment and restricted cash.
In addition to the $529.2 million in cash and equivalents, we still have $312.5 million available liquidity through our two equity lines with Tumin Capital. At the end of June, we have total liquidity of approximately $841.8 million, up from $794.0 million at the end of Q1. As of the end of June, we have sufficient capital to fund our business for the next 12 months of operations.
Given our target of keeping 12 months of liquidity on hand at the end of each quarter, we will continue to seek the right opportunities to replenish our liquidity on an ongoing basis while trying to minimize dilution to our shareholders. We are carefully considering how we can potentially spend less without compromising our critical programs and reduce cash requirements for 2023.
We will provide you with detailed guidance for 2023 on our Q4 2022 earnings call, but for now, a good way to think about how we can achieve our goals is to consider it in the context of our ongoing CAPEX requirements at the Coolidge plant.
For example, with the completion of Phase 2 by the end of Q1 2023, our Coolidge plant will achieve a design capacity of 20k units. While we have not made our 2023 production plans public, the 20k unit in annual capacity will be sufficient to allow us to achieve our 2023 and 2024 production targets. 2023 Coolidge manufacturing facility-related CAPEX for Phase 3 is approximately $345 million, including a paint line. Delaying this phase of our expansion to 2024 allows us to reduce our 2023 cash needs and fund-raising targets in 2022.We will continue to monitor market conditions and remain opportunistic about raising capital.
Q3 Guidance
Moving on to our Q3 guidance. We expect to deliver 65 – 75 Nikola Tre BEVs for $21.1 to $24.4 million in revenues in Q3. We anticipate our gross margin to be between -240% and -250%. As we explained in the Romeo merger call, we’ve agreed to provide Romeo with interim funding to ensure continued operations. The funding comes in two parts: i) up to $20 million in a temporary price increase for each pack delivered through transaction close, plus ii) $15 million in a senior secured note. The temporary price increase for the packs will weigh down our Q3 and Q4 gross margin. We expect, however, to make notable improvements in inbound shipping and freight costs and benefit from the operating leverage effect of delivering more vehicles on labor costs. Without the Romeo merger impact, the gross margin would approximate -150% to -160%.We anticipate a range of $80—$85 million in R&D expenses and $80 – $85 million in SG&A, including roughly $58 million in stock-based compensation. CAPEX for Q3 should be $85 to $90 million, as we expect station CAPEX, FCEV tooling, and Hydrogen Hub spending to catch up.
FY22 Guidance
Regarding fiscal 2022 guidance, we have not revised the existing 300-500 truck delivery. Still, given the battery charging infrastructure challenges Mark mentioned, we are more likely to hit the lower end of that guidance range.
The merger with Romeo will introduce new elements to our P&L in several ways, especially in the short run, which I will discuss in some detail. We plan to revise our full-year financial guidance post transaction close and share it with you in our Q3 earnings release.
We are currently working on the merger Pro-forma which will serve as the basis for our new full-year guidance. As many of you may anticipate, the merger with Romeo will cause our full-year guidance to change. This is because i) negative gross margin impact from the temporary pack price increase in Q3 and to a lesser extent in Q4, ii) negative gross margin impact from existing Romeo customer contract run-off, iii) incremental R&D and SG&A expenses of Romeo post-merger, and iv) transaction costs and purchase accounting adjustments that may further impact our Q3 and Q4 OPEX. We will come back to you with our revised full-year guidance at our Q3 earnings call.
While 2H will be challenging from a gross margin angle, we expect 30-40% cost reduction benefits for the non-battery cell-related pack cost by the end of 2023. Key cost-cutting initiatives will involve switching from machined to casted pack enclosures and using the combined purchasing power of the merged entity to optimize the supply chain. We believe this is achievable because we have had about 10 manufacturing engineers working on-site at Romeo since early 2022 to support Romeo’s production. With a good, accumulated understanding of Romeo’s operations, we have identified several areas of operational improvements that will begin to be implemented immediately following transaction closing. Longer term, we are targeting up to $350 million in annual battery pack cost savings by 2026.
Supply Chain
Regarding our supply chain, part shortage challenges still remain, although the visibility and availability of components have somewhat improved. But we are not out of the woods yet. We previously stated that one of our biggest constraints was a consistent supply of modules and packs from Romeo. Our proposed merger with Romeo takes us a step closer to ensuring a dedicated and consistent supply. Perhaps a more significant challenge that faces us and the industry is inflation and its impact on margins. We are subject to a commodities pricing increase from LG, which has increased our battery cell price by approximately 30%. The adjustment is calculated every six months based on the price movement of certain battery cell chemistry metals for the previous 6 months. We are uncertain when the critical metal prices for battery cells will normalize and come back down to the pre-Ukrainian War prices and how much of that increase we can successfully pass on to our customers. This is something we are actively grappling with, and unfortunately, we have no control when it comes to cell prices.
This concludes our prepared remarks. We will use the remainder of the time to address your questions. But before we open the line to analyst questions, we would like to take this opportunity to answer some questions from our retail shareholders. Henry?
Henry Kwon, Director, IR
Thank you, Kim. The first question from our individual investors is
When can I see Nikola on the road? I have never seen any of your vehicles on the street. Why?
Mark: It is exciting to see the trucks on the road! More and more are out there hauling freight and are being sighted every day. Pictures and video are increasingly showing up online. You have a better chance of seeing one if you are in one of our target launch geographies, such as California. Good luck with your Tre spotting.
Henry: The next question from our investors is
Considering the number of EVs entering the market in the next several years, how is Nikola planning to differentiate itself to ensure long-term success? Tesla was the first to market, Rivian secured a contract w/Amazon, and Ford has the capacity to ramp production quickly. Nikola has…?
Mark: First, we should clarify that unlike these companies we build only U.S. Class-8 and European Heavy Duty commercial trucks, addressing short, medium, and long-haul commercial freight segments. So that is an immediate difference. We are one of the first OEMs in the market for Class 8 BEVs, and We are likely be the first OEM to commercialize Class 8 FCEVs. But in the long run, what will really differentiate Nikola is energy infrastructure. On slide 3 of the deck, you can see that the total addressable market for just Hydrogen is bigger than the market for trucks.
Henry: Thank you, Mark. The next question coming from our individual investors addresses a similar topic…
What plans do you have to excite investors about what your company is bringing to the table? Do you have a plan to become profitable? If so, when?
Kim: I think Mark has already discussed Nikola’s value proposition, so let me share some thoughts about achieving profitability. During our Analyst Day in March, we stated that we are looking to achieve a positive gross margin for our Tre-BEVs by the end of 2023 and the end of 2024 for our FCEVs. Under our basic roadmap, we would like to get to positive EBITDA by the end of 2024.
The primary assumption behind this roadmap has been that as we continue to scale, we should be able to spread our fixed costs over a greater volume and reduce our BOM costs.
From our current vantage point, inflation remains a great unknown that makes our path to a positive gross margin a challenge, especially the cost of battery cells price. While OEMs have sought to raise the fee in line with inflation, it remains unclear to what extent we may be able to pass through that increase. So operating leverage will be one of the biggest factors driving our future gross margin, but potential headwinds from the impact of prolonged inflation could extend our existing timeline.
Henry: The next question from our individual investors is
If proposition 2 is passed, will you use the extra shares for capital immediately, diluting the stock, or on an as-needed basis?
Kim: A great question because it allows us to discuss something here on a topic on which many investors had asked us for clarification during the voting process. As you may know, Proposition 2 passed, but we feel that this is still a very relevant question because many people were not aware of what our committed share count was for coming into the end of Q2.
While our fully diluted number of shares stood at 495 million on June 30, if we included the committed shares of options, RSUs, and warrants as well as reserved shares for our ELOC and Convertible Notes, the share count came very close to 570 million shares. This left us with a sufficient number of shares to acquire Romeo without having to come to market so the increase in the authorized number of shares that was just approved will not be used to fund our merger with Romeo.
Having said that, the 200 million share increase in the authorized number of shares will leave us with the flexibility to pursue future capital raising opportunities.
ProfitScout
2 years ago
NIKOLA AGREES TO ACQUIRE ROMEO POWER, TO BRING BATTERY PACK ENGINEERING AND PRODUCTION IN-HOUSE
Acquisition will secure control of critical battery pack engineering and production process
Transaction expected to yield annual cost savings of up to $350 million by 2026
Romeo's Cypress, California facility will become Nikola's Battery Center of Excellence
Nikola to host analyst and investor webcast on August 1 at 11:00 a.m. Eastern Time ( 8:00 a.m. Pacific Time )
PHOENIX , Aug. 1, 2022 /PRNewswire/ -- Nikola Corporation (NASDAQ: NKLA), and Romeo Power , Inc. (NYSE: RMO), today announced they have entered into a definitive agreement in which Nikola, a global leader in zero-emissions transportation and energy infrastructure solutions, will acquire Romeo, an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, in an all-stock transaction. The proposed exchange ratio implies a consideration of $0.74 per Romeo share and represents an approximately 34% premium to Romeo's July 29, 2022 closing share price and values 100% of Romeo's equity at approximately $144 million .
Nikola's acquisition of Romeo Power is an important strategic move for Nikola with minimal capital outlay that will bring Romeo’s deep battery and BMS engineering capabilities in-house. It is expected to accelerate Nikola’s product development, increase range and charge rates, and improve customer experiences.
Headquartered in Cypress, California , Romeo is an energy storage technology company focused on designing and manufacturing lithium-ion battery modules and packs for commercial vehicle applications. As Romeo's largest customer, Nikola expects the acquisition will allow for significant operational improvement and cost reduction in battery pack production. The addition of Romeo's battery and battery management system (BMS) engineering capabilities are also expected to support accelerated product development and improved performance for Nikola customers.
"Romeo has been a valued supplier to Nikola, and we are excited to further leverage their technological capabilities as the landscape for vehicle electrification grows more sophisticated. With control over the essential battery pack technologies and manufacturing process, we believe we will be able to accelerate the development of our electrification platform and better serve our customers," said Mark Russell , Nikola's Chief Executive Officer. "Given our strong relationship with Romeo and ongoing collaboration, we are confident in our ability to successfully integrate and deliver the many expected strategic and financial benefits of this acquisition. We look forward to creating a zero-emissions future together."
Robert Mancini , Romeo Power's Chairman of the Board of Directors, added, "As Romeo's largest customer, Nikola has been a cornerstone of our development and growth, and this is a natural evolution of our relationship. Our products provide critical energy density important to heavy-duty vehicles, combined with safety performance and battery management software. Following an extensive review of alternatives, we firmly believe that this combination offers the best opportunity for Romeo shareholders to participate in the ongoing value creation at a larger scale, stronger combined company. It is exciting to see Romeo joining the Nikola family."
Compelling Strategic Rationale
Vertical integration and single product focus will drive significant operational improvement and cost reduction for one of the most expensive components of the bill of materials
Integrated commercial vehicle electri?cation platform is expected to lead to manufacturing excellence and expected annual cost savings of up to $350 million by 2026; reduce non-cell related battery pack costs by 30-40% by the end of 2023
An important strategic move for Nikola with minimal capital outlay that will bring Romeo's deep battery and BMS engineering capabilities in-house; expected to accelerate Nikola's product development, increase range and charge rates, and improve customer experiences
Provides Nikola with domestic battery pack manufacturing capability, complementing Nikola's commitment to dual-source battery pack strategy to satisfy capacity needs
Romeo has proven battery pack technologies and a significant battery cell supply agreement in place
Nikola is Romeo's largest production customer, and the parties have strong ongoing engineering collaboration
Exchange Offer
The transaction has been approved by the Boards of Directors of both companies. Under the terms of the agreement, Nikola will commence an exchange offer to acquire all of the outstanding shares of Romeo common stock. Under the terms of the agreement, Romeo stockholders will receive 0.1186 of a share of Nikola common stock for each Romeo share, representing an equity value of approximately $144 million and 4.5% pro forma ownership of Nikola. The transaction is expected to be completed by the end of October 2022 , subject to the tender by Romeo's stockholders of shares representing a majority of the outstanding Romeo common stock, and customary closing conditions, including regulatory approval. Upon the successful completion of the exchange offer, a newly-formed subsidiary of Nikola will be merged into Romeo, and any remaining shares of Romeo common stock that were not tendered in the exchange offer will be canceled and converted into the right to receive the same consideration payable in the exchange offer.
Interim Liquidity Support
Nikola has agreed to provide Romeo with $35 million in interim funding to facilitate continued operations through closing. Funding will consist of $15 million in senior secured notes and up to $20 million for a pack delivery incentive which is a temporary price increase for each pack delivered through expected transaction close. Additional liquidity support is available in the event the transaction closing is delayed.
Investor Presentation
A supplemental presentation regarding the transaction is available on the Investor Relations section of the Nikola website.
Webcast and Conference Call Information
Nikola will host a webcast for analysts and investors at 11:00 a.m. Eastern Time ( 8:00 a.m. Pacific Time ) on August 1, 2022 at https://www.webcast-eqs.com/nikola20220801/en .
For those unable to participate in the live session, a recording of the webcast will be available on Nikola's Investor Relations website.
Advisors
Citigroup Global Markets Inc. acted as sole financial advisor to Nikola on the transaction, and Pillsbury Winthrop Shaw Pittman LLP served as legal advisor.
Morgan Stanley & Co. LLC acted as sole financial advisor to Romeo on the transaction, and Latham & Watkins LLP served as legal advisor.
Nikola Annual Meeting of Stockholders
Nikola's Annual Meeting of Stockholders is being held on Tuesday, August 2, 2022 , at 3:00 p.m. Pacific Time . Nikola intends to file today a supplement to its proxy statement for the Annual Meeting. Nikola has sufficient shares of authorized but unissued common stock available to complete the proposed transition and will not need to use any of the share increase being considered at the Annual Meeting.
About Nikola Corporation
Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona . For more information, visit http://www.nikolamotor.com or Twitter @nikolamotor.
About Romeo Power , Inc.
Founded in 2016 and headquartered in Cypress, 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 battery electric products, 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 , follow the Company on social media, @romeopowerinc or visit romeopower.com
Additional Information and Where to Find It
The exchange offer referenced in this communication has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell securities, nor is it a substitute for any offer materials that Nikola Corporation ("Nikola"), its acquisition subsidiary or Romeo Power , Inc. ("Romeo") will file with the U.S. Securities and Exchange Commission (the "SEC"). At the time the exchange offer is commenced, Nikola and its acquisition subsidiary will file a tender offer statement on Schedule TO, Nikola will file a registration statement on Form S-4 and Romeo will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the exchange offer. THE EXCHANGE OFFER MATERIALS (INCLUDING AN OFFER TO EXCHANGE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER EXCHANGE OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION. ROMEO STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF ROMEO SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING EXCHANGING THEIR SECURITIES. The Solicitation/Recommendation Statement, the Offer to Exchange, the related Letter of Transmittal and certain other exchange offer documents will be made available to all Romeo stockholders at no expense to them. The exchange offer materials and the Solicitation/Recommendation Statement will be made available for free on the SEC's website at www.sec.gov . Copies of the documents filed with the SEC by Nikola will be available free of charge by contacting Investor Relations, Nikola Corporation, 4141 E Broadway Road, Phoenix, Arizona 85040. Copies of the documents filed with the SEC by Romeo will be available free of charge by contacting Investor Relations, Corporate Secretary, Romeo Power , Inc., 5560 Katella Avenue, Cypress, California 90630.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws, including statements relating to the exchange offer, the proposed merger, the anticipated benefits of the proposed merger, including potential cost savings, synergies and performance improvements, the expected benefits of any liquidity support, the expected financial impact of the proposed transaction on Nikola, Nikola's expectations regarding its ongoing liquidity needs and ability to satisfy those needs, and Nikola's expectations regarding the closing of the merger. These forward-looking statements generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited: risks related to the ability of Nikola to consummate the proposed transaction on a timely basis or at all; the satisfaction of the conditions precedent to consummation of the proposed transaction, including having a sufficient number of Romeo's shares being validly tendered into the exchange offer to meet the minimum condition; the ability of Romeo and Nikola to receive the required regulatory approvals for the proposed acquisition; the occurrence of events that may give rise to a right of one or both of the parties to terminate the merger agreement; Nikola's ability to successfully integrate Romeo's battery pack production into its business; Nikola's ability to realize expected synergies, benefits, cost savings and performance improvements; the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected benefits from the proposed transaction will not be realized or will not be realized within the expected time period; the risk that disruption from the proposed acquisition may make it more difficult to maintain business and operational relationships; the potential negative effects of the announcement or the consummation of the proposed transaction on the market price of Nikola's common stock or on its business or operating results; the risk of litigation or regulatory actions related to the proposed transaction; the effect of the announcement or pendency of the transaction on Romeo's business relationships, operating results, and business generally; risks relating to significant transaction costs and known or unknown liabilities; risks associated with third party contracts containing consent or other provisions that may be triggered by the proposed transaction; the ability of Nikola to continue to obtain sufficient capital to support its business; and the ability of the parties to retain and hire key personnel. There can be no assurance that the proposed transaction or any other matters described above will in fact be consummated in the manner described or at all.
For additional information regarding factors that may cause actual results to vary materially from those stated in forward-looking statements, see the reports of Nikola and Romeo on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. These forward-looking statements are made only as of the date hereof and Nikola and Romeo disclaim any obligation to update any forward-looking statement, except as required by law.
Nikola Corporation Logo (PRNewsfoto/Nikola Corporation)
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2 years ago
Romeo Power Announces Successful Completion of its Relocation to New State-of-the-Art Manufacturing Center in Orange County, CA
July 25, 2022 (BusinessWire)
Romeo Power, Inc. ("Romeo Power" or the "Company") (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced the completion of the third and final phase of its relocation from Vernon, California to its new 215,000 sq. ft. manufacturing center and headquarters in Cypress, California.
The Company recently completed the transition of remaining testing labs and equipment from its Vernon site to the new facility, with a significant amount of advanced planning, engineering, logistics and permitting to land and connect equipment and minimize down time.
"The relocation of our labs and completion of our move marks a significant milestone for Romeo Power," said Chief Executive Officer Susan Brennan. "With testing, engineering, design, quality, production, shipping and support services all in a single, state-of-the-art facility, we are well positioned for planned expansion into marine and industrial markets, improved operational efficiencies, and scaling of manufacturing and production."
"Further, Cypress offers a great location for us because of its proximity to both Los Angeles and Orange County, a diverse workforce, and an established and thriving business corridor," Brennan added.
Romeo's Chief Operating Officer Anne Devine said the Company received a great deal of support from the City of Cypress, enabling them to move through the permitting process and complete the relocation on schedule and on budget.
"We are thrilled to have our entire team, equipment and processes under one roof," Devine said. "Our new manufacturing operation will not only support growth, it will enhance throughput, quality and cost-effectiveness. With 24,000 square feet of office space dedicated to engineering, product management, quality and other support resources, and another 191,000 square feet of factory space dedicated to state-of-the-art automated module manufacturing, pack assembly and advanced testing laboratories, we can produce four times the capacity as compared to our previous location. We want to especially thank the City of Cypress for welcoming us to the business community here. We are very excited to be moved into our new home in Cypress."
About Romeo Power, Inc.
Founded in 2016 and headquartered in Cypress, 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 battery electric products, 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, follow the Company on social media, @romeopowerinc or visit http://www.romeopower.com
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. 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, including, without limitation, express or implied statements concerning Romeo Power's ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power's expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power's ability to produce and deliver such products on a commercial scale, and Romeo Power's expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power's potential need for and ability to secure additional capital; the performance of Romeo Power's products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power's products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company's filings with the SEC. 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. 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.
Source: Romeo Power Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220725005153/en/
SOURCE: Romeo Power Inc.
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2 years ago
Romeo Power’s Electro-Thermal Black Box (ETBB) Model Simulates the Electrical & Thermal Performance of Its Banyan Battery Module for OEMs
July 19 2022 - 08:30AM
Company’s Proprietary Tool Supports Customer Adoption and Utilization of Romeo Battery Products, Reduces Development Costs and Accelerates the Transition to Electrification
Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, has announced the availability of its MATLAB Simulink-based Electro-Thermal Black Box (ETBB) Model for OEM customers.
Romeo Power’s Chief Technology Officer AK Srouji, Ph.D., said the ETBB is a proprietary simulation tool that allows the Company’s OEM customers to predict and simulate the performance of its Banyan Module during vehicle operation, which supports Romeo’s goal to optimize adoption and utilization of its battery products.
“Our Electro-Thermal Black Box Model offers our valued customers an accurate representation of the performance of a new Romeo Power Banyan Battery Module. Our proprietary model was developed based on thousands of hours of research and testing that enables us to precisely tell how our batteries will function and operate in a given environment,” Srouji said. “This brings value to our customers by reducing their development costs and accelerating their entry into the electrification market.”
“The ETBB Model also provides our customers with an accurate software-based alternative to real-world testing and supports pre-planning for battery installation. The model predicts battery life at the beginning of its lifecycle and provides OEMs with critical battery response to the drive and charge profiles,” Srouji added.
In addition to the ETBB, Romeo offers an Aging Black Box Model, which provides a multi-lens perspective of vehicle-level aging including operating year, seasonal changes, mileage, energy throughput, capacity fade and resistance growth, as well as battery system level electro-thermal performance over its lifespan.
“Our Aging Black Box Model is an ideal tool for battery life estimation and warranty-related insights,” Srouji said. “It helps our OEM customers predict the lifecycle of our batteries in one vehicle or a fleet of vehicles. With this model, customers can look at the health of existing Banyan batteries and determine how long it will last in an application, allowing them to optimize battery life and develop a charging strategy.”
“For electric vehicles that go the distance, effective thermal battery management and lifecycle assessments are critical,” said Romeo Power Chief Executive Officer, Susan Brennan. “Through Romeo’s innovative ETBB and Aging models, customers gain valuable data and insights to optimize safety, longevity and performance.”
About Romeo Power, Inc.
Founded in 2016 and headquartered in Cypress, 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 battery electric products, 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, follow the Company on social media, @romeopowerinc or visit http://www.romeopower.com
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. 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, including, without limitation, express or implied statements concerning Romeo Power’s ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power’s expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power’s ability to produce and deliver such products on a commercial scale, and Romeo Power’s expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power’s potential need for and ability to secure additional capital; the performance of Romeo Power’s products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power’s products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company’s filings with the SEC. 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. 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.
Source: Romeo Power Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220719005514/en/
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2 years ago
Romeo Power Focuses on Growth & Expansion in Three Key Markets with Opening of New 215,000 Sq. Ft. Manufacturing Center
4:15 pm ET July 12, 2022 (BusinessWire)
Romeo Power, Inc. ("Romeo Power" or the "Company") (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, is completing its relocation to a new state-of-the-art manufacturing center in Cypress, California to accommodate the Company's growth trajectory, leverage the diverse Orange County technology talent pool, and enhance the quality and cost-effectiveness of the Company's leading electrification products.
The Company is nearing completion of the final phase of its relocation, where the new manufacturing operation in Orange County is already supporting battery pack and technology development adjacent to its production line, which will allow for faster time to market.
Romeo Power's Chief Executive Officer Susan Brennan said, "Our new facility symbolizes an important milestone for Romeo Power, providing a critical foundation as we enhance our products and technology, as well as scale to meet the needs of current and prospective customers. This is especially critical for Romeo as we focus on growing our existing customer base in commercial fleets, while targeting new customers in the Industrial/Off-Highway and Marine markets.
"Romeo initiated work in both the Industrial/Off-Highway and Marine sectors in 2021, supplying battery testing packs to a global pioneer in innovative products for agriculture and construction and a global marine technology customer," Brennan added. "We have a clear understanding of the electrification needs in Off-Highway and Marine applications, and we are well prepared to deliver our prestigious battery packs to accelerate the future of these sectors."
About Romeo Power, Inc.
Founded in 2016 and headquartered in Cypress, 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 battery electric products, 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, follow the Company on social media, @romeopowerinc or visit http://www.romeopower.com
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. 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, including, without limitation, express or implied statements concerning Romeo Power's ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power's expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power's ability to produce and deliver such products on a commercial scale, and Romeo Power's expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power's potential need for and ability to secure additional capital; the performance of Romeo Power's products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power's products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company's filings with the SEC. 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. 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.
Source: Romeo Power Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220712006113/en/
SOURCE: Romeo Power Inc.
Romeo Power Inc.
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2 years ago
Romeo Power Delivers Batteries to an Industry-Leading Integrator in the Industrial/Off-Highway Market
July 07 2022 - 04:30PM
Development program marks Romeo Power’s continued expansion into battery and electrification solutions for Industrial and Heavy Duty Off-Highway vehicles
Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced that the Company is delivering commercial batteries to a leading integrator of Industrial/Off-Highway equipment and vehicles.
“We are thrilled to deliver our innovative battery packs to an established integrator of Industrial/Off-Highway products as it develops a new addition to its already robust portfolio. Romeo has been engaged with this customer from the earliest stages of their product development, allowing both companies to incorporate important learnings into future battery systems that will be optimized for this emerging sector,” said Romeo’s Chief Executive Officer Susan Brennan. “Our customer’s portfolio will provide an exciting opportunity to showcase Romeo’s leading technology, which offers the power and energy output, as well as the exceptional safety and shock and vibration characteristics, necessary for the electrification of Off-Highway equipment and vehicles used in these environments.”
Brennan added, “Romeo Power is driving the transition to a clean energy future by delivering advanced electrification solutions for the world’s most complex commercial vehicle applications. Our innovative battery products and solutions are a natural fit for the electrification of equipment and vehicles across a number of industries, including agriculture, construction, mining and forestry. This delivery further demonstrates how Romeo Power EV battery technology is driving value across a diverse array of heavy equipment and vehicle types as new industries and OEMs pursue electrification.”
Romeo first initiated work in the Industrial sector last year, shipping testing packs in 2021 and 2022 to its first Off-Highway customer, a global pioneer in innovative products for agriculture and construction. “Our initial pilot project in this space was with a prominent OEM. After compiling hundreds of hours of testing and data-driven results, we have a clear understanding of the needs and nuances of electrification for Off-Highway equipment and vehicles. From tractors and excavators to earth movers and harvesters, Romeo Power designs and builds highly configurable battery packs that power the industry forward,” Brennan said.
About Romeo Power, Inc.
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 battery electric products, 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, follow the Company on social media, @romeopowerinc or visit http://www.RomeoPower.com.
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. 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, including, without limitation, express or implied statements concerning Romeo Power’s ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power’s expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power’s ability to produce and deliver such products on a commercial scale, and Romeo Power’s expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power’s potential need for and ability to secure additional capital; the performance of Romeo Power’s products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power’s products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company’s filings with the SEC. 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. 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.
Source: Romeo Power Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220707005739/en/
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ProfitScout
2 years ago
Romeo Power's New Battery Integration Workshop Accelerates Customer Transition to Electrification
June 29, 2022 (BusinessWire)
Romeo Power, Inc. ("Romeo Power" or the "Company") (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex applications, has announced its new Battery Integration Workshop for OEM customers.
The Battery Integration Workshop is a hands-on program designed by Romeo's sales, engineering and product development experts that facilitates an OEM's understanding of the Company's battery technology and applications. This workshop represents a unique offering in the commercial EV market, dually creating value for battery and Battery Management System (BMS) customers while furthering Romeo's strategy to support customers with service and insight through all stages of electrification.
"As a pioneer in EV battery technology and vehicle electrification, we understand that the transition to electrification is a complex process," said Chief Executive Officer Susan Brennan. "Working with a broad range of customers in targeted verticals, our team has collectively identified an unfulfilled industry need to understand better how EV battery products and associated technology integrate into their own specific applications."
The one-and-a-half-day program combines lab, theory and participation that is highly customized for each OEM. The Company is currently scheduling Battery Integration Workshops for existing customers.
"Romeo's Battery Integration Workshop is one of several add-on services that the Company offers our customers to give them a broader perspective into battery technology and to enhance their knowledge base for improved product adoption and performance," Brennan said. "The more we empower our customers, the more efficient and productive they become. It's another way we share our expertise, create long-standing value for battery and BMS customers, and differentiate ourselves in a highly competitive environment."
About Romeo Power, Inc.
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 battery electric products, 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 media @romeopowerinc or visit http://www.Romeopower.com
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. 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, including, without limitation, express or implied statements concerning Romeo Power's ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power's expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power's ability to produce and deliver such products on a commercial scale, and Romeo Power's expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power's potential need for and ability to secure additional capital; the performance of Romeo Power's products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power's products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company's filings with the SEC. 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. 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.
Source: Romeo Power Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220629005114/en/
SOURCE: Romeo Power, Inc.
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2 years ago
Romeo Power Announces Completion of Second Phase of Relocation to New Manufacturing Facility in Orange County, California
June 28, 2022 (BusinessWire)
Romeo Power, Inc. ("Romeo Power" or the "Company") (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced the completion of the second phase of its relocation to a new state-of-the-art headquarters and manufacturing facility located in Cypress, California.
The Company has successfully moved all three of its production lines to its new Orange County facility and is now manufacturing and shipping packs to customers from Cypress. The Company will continue to operate Lab and Engineering services out of its Vernon, California site for the next several weeks.
"The new era of Romeo Power's growth continues with the second phase of relocation to our state-of-the-art production facility and headquarters in Orange County," said Romeo Power Chief Executive Officer Susan Brennan. "The successful relocation of all three production lines to Cypress, coupled with Lab and Engineering operations taking place in Vernon, allow us to continue manufacturing and delivering the highest quality products for our valued customers while we complete the final phase of the transition to our new facility."
Romeo's new 215,000 square-foot manufacturing operation in Cypress will support the Company's growth and expansion while enhancing throughput, quality and cost-effectiveness. It also offers proximity to Los Angeles, a thriving business corridor and a diverse workforce. A total of 24,000 square feet of office space will allow for continued organizational investment in scientific, engineering and other support resources, with 191,000 square feet of factory space dedicated to pack assembly and state-of-the-art automated module manufacturing that will produce twice the capacity of the existing lines and multiple engineering laboratories that support product testing and validation.
"Our new facility validates our products, people and potential and ensures that Romeo Power is positioned to continue innovating, building and delivering advanced electrification solutions for commercial vehicles now and in the future," Brennan said.
Completion of the third and final phase of the Company's move from Vernon to Cypress is scheduled to occur in the third quarter of 2022.
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 battery electric products, 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 media @romeopowerinc or visit http://romeopower.com.
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. 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, including, without limitation, express or implied statements concerning Romeo Power's ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power's expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power's ability to produce and deliver such products on a commercial scale, and Romeo Power's expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power's potential need for and ability to secure additional capital; the performance of Romeo Power's products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power's products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company's filings with the SEC. 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. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220628005530/en/
SOURCE: Romeo Power Inc.
Romeo Power Inc.
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2 years ago
Romeo Power, Inc. Requests Investors to Vote on Proposals at Annual Meeting of Stockholders
June 20, 2022 (BusinessWire)
Romeo Power, Inc. ("Romeo Power" or the "Company") (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, is requesting that shareholders vote on the proposals contained within its Proxy filing prior to the Annual Meeting of Stockholders.
The Annual Meeting of Stockholders was originally scheduled for June 14, 2022, but was adjourned until June 30, 2022 to allow stockholders additional time to vote. Romeo Power is encouraging participation from all investors, big and small, in the voting process. Each shareholder's participation helps the Company avoid costly additional adjournments and solicitations. Participation also ensures that your voice is heard on critical matters.
"We remain steadfast in our commitment to driving continuous growth for Romeo Power and its shareholders. This includes initiatives such as the relocation to our new Cypress facility to add more efficient manufacturing capacity and laboratory space, as well as the increased opportunity for expansion into new markets where our vehicle electrification capabilities are highly valued. Each of these initiatives have the ability to both grow and create value for Romeo Power and its shareholders. As we continue progressing our Company alongside the electrification of the broader market, we require your support on Proposal 6 to support both our future initiatives and current operations," stated Susan Brennan, chief executive officer.
The items of which stockholders are being asked to vote on can be found in Romeo's Proxy filing, available online under the SEC Filings section of the Company's website at https://investors.romeopower.com/financials/sec-filings/default.aspx as well as in the Securities and Exchange Commission's (SEC) EDGAR website at www.SEC.gov under the ticker symbol RMO. A majority of the votes received have been cast in favor of all proposals. However, while the approval rate for Proposal 6 was approximately 84% at the original Annual Meeting of Shareholders, there was not a sufficient quantity of individual votes cast necessary to approve Proposal 6, despite the significantly high approval rate. Romeo Power would like to emphasize the importance of Proposal 6 for the Company to continue to access necessary capital to fund its ongoing operations and pursue the key objectives to grow our business and drive value for shareholders.
In order for your vote to be represented, the Company must receive your voting instructions. For your convenience, please use any of the following methods to submit your vote:
By Internet - Follow the simple instructions on your proxy card. By Touchtone - Call the toll-free number located on your proxy card and follow the simple instructions. By Mail - Sign, Date, and Return the proxy card using the enclosed postage-paid envelope.
If possible, please use either of the first two options to ensure your vote is captured in time for the meeting. Even if it is past the indicated deadline, the Company asks you to please submit your vote.
If you have any questions, please call Okapi Partners, Romeo Power's proxy solicitor, toll-free at 1-877-274-8654. Representatives are available Monday - Friday 9:00 am to 9:00 pm (ET) and Saturday, 10:00 am to 5:00 pm (ET). The Romeo Power team would like to thank shareholders for their time, participation, and continued support.
About Romeo Power, Inc.
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 battery electric products, 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 media @romeopowerinc or visit http://www.romeopower.com.
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. 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, including, without limitation, express or implied statements concerning Romeo Power's ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power's expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power's ability to produce and deliver such products on a commercial scale, and Romeo Power's expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power's potential need for and ability to secure additional capital; the performance of Romeo Power's products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power's products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company's filings with the SEC. 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. 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.
Source: Romeo Power Inc.
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SOURCE: Romeo Power, Inc.
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ProfitScout
2 years ago
RMO is favorably mentioned here: Croatian EV Supercar Maker Raises $537 Million to Build High-Performance Sports EVs
June 9, 2022 (PR Newswire)
EV supercar maker Rimac Group has just raised a whopping $536.6 million to scale up to meet the demand for batteries and other systems to help the automotive industry go electric. Rimac Group, which oversees the manufacture of multimillion-dollar supercars like the Bugatti Chiron and the upcoming $2.4 million Nevera hypercar, plans to use the capital to build out the engineering and manufacturing capabilities of its subsidiary, Rimac Technology. Rimac Technology will produce tens of thousands of components annually, with products ranging from hybrid and full-electric battery systems to full rolling chassis. The company has already attracted several big-name automaker clients like Ferrari, Jaguar, Mercedes-Benz, Porsche, Hyundai, and Renault. The company's planned expansion comes at a time when electric vehicle sales are experiencing substantial growth, signaling good things to come for companies like Nano One Materials (TSX: NANO) (OTCPK: NNOMF), QuantumScape Corporation (NYSE: QS), Plug Power Inc. (NASDAQ: PLUG), Romeo Power, Inc. (NYSE: RMO) and Livent Corporation (NYSE: LTHM).
Nano One Materials (TSX: NANO) (OTC: NNOMF) is a technology company with a patented and scalable industrial process for the production of low-cost, high-performance cathode powders used in lithium-ion batteries. These unique materials are designed to add value to electric vehicles and grid storage batteries as part of the global push towards a zero-emission future.
On June 9, Nano One and Rio Tinto, a leading global mining and metals group, announced a strategic partnership providing materials, collaboration and a US$10 million investment into Nano One. As a result of this partnership and funding, Nano One will accelerate its multi-cathode (multi-CAM) commercialization strategy and support cathode active materials (CAM) manufacturing in Canada for a cleaner and more efficient battery supply chain for North American and overseas markets.
Nano One's patented One-Pot process and metal-to-cathode active material (M2CAM) technologies enable the manufacture of nickel-rich (NMC), iron-rich (LFP) and manganese-rich (LNMO) lithium-ion cathode active materials with fewer steps, lower costs, less complexity and a much smaller environmental footprint. This technology applies to all lithium-ion battery chemistries used in electric vehicles, renewable energy storage, and portable electronics.
Nano One and BASF SE have also recently signed a Joint Development Agreement (JDA) under which the companies will jointly develop a process with reduced by-products for the commercial production of next-generation cathode active materials (CAMs), based on BASF's HEDTM-family of advanced CAM and using Nano One's patented One-Pot process and metal direct to CAM (M2CAM(R)) technologies. BASF is a globally active chemical company with extensive experience in developing and manufacturing battery materials.
BASF has a family of CAM products well suited to the evolving battery requirements in automotive drivetrains and has a proven track record of developing these products in collaboration with others. Nano One and BASF will also use the M2CAM(R) process for greater flexibility in terms of manufacturing approach and performance of the resulting product, reduced energy consumption and environmental footprint.
The joint development plan has different phases and stages and is the result of Nano One's process and product evaluation. The signing of the JDA represents an important milestone in the business relationship between BASF and Nano One.
For more information about Nano One Materials Corp. (TSX: NANO) (OTC: NNOMF), click here.
Battery Manufacturers Are Scaling Up Production to Meet Higher EV Demand
In a letter to shareholders, solid-state battery manufacturer QuantumScape Corporation (NYSE: QS) provided corporate updates from Q1 2022, including a manufacturing scale-up and a new 16-layer, solid-state cell that has endured over 500 charge cycles. This 16-layer result is in this proprietary cell format and represents an encouraging proof of concept for QuantumScape. The company has been working to increase the scale of its production. Indeed, it recorded average weekly starts of over 3,700 exiting Q1 2022, compared to less than 2,000 exiting Q4 2021. QuantumScape also recently expanded into the Asia-Pacific region with a new office in Japan that will include a state-of-the-art laboratory to conduct battery research and development (R&D).
Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, announced that it has been awarded an order to deliver one gigawatt (GW) electrolyzer to green hydrogen solutions company H2 Energy Europe. Plug Power's electrolyzer technology will enable the production of up to 100,000 metric tonnes per year of green hydrogen for use in the energy and transportation sector in northern Europe. It will supply the fuel needed for the equivalent of approximately 15,000 heavy-duty vehicles per day, making it the largest capacity electrolyzer installation in the world to date. Through its joint venture with Hyundai, H2 Energy will supply fleets of heavy-duty fuel cell trucks. Earlier this year, H2 Energy entered into a joint venture with Phillips 66 to build over 250 hydrogen fueling stations in Denmark, Germany and Austria powered by green hydrogen from H2 Energy.
On May 26, Romeo Power, Inc. (NYSE: RMO), an energy technology company delivering advanced electrification solutions for commercial vehicles, announced that it will be supplying batteries to a leader in powertrain performance products. According to Romeo Power CEO Susan Brennan, commercial expansion into aftermarket solutions fits into the company's commercial strategy to support vehicle electrification at all stages of the lifecycle and serves as a solid indicator of the company's efforts to expand the application of its leading technology into the growing spectrum of vehicle electrification opportunities. Brennan added that Romeo Power's batteries offer the power and energy needed while staying light and compact to complement the company's customers' innovative product line.
On May 27, Livent Corporation (NYSE: LTHM) and the developer of the first all-electric vertical take-off and landing jet, Lilium, announced a research and development (R&D) collaboration agreement to advance lithium metal technology for use in high-performance battery cells. Collaborating with Livent is an important step toward securing Lilium's future access to the high-performance battery cell technology that will power Lilium's jets. Livent supplies lithium to many of the world's leading electric vehicle brands and battery manufacturers. As a fully-integrated lithium producer, Livent Corporation uses its differentiated technology processes to source raw lithium and manufacture a range of specialty lithium products in an environmentally-responsible, safe, and sustainable manner.
Nano One Materials' One-Pot process, coated single crystal materials and Metal to Cathode Active Material (M2CAM(R)) technologies address fundamental performance needs and supply chain constraints while reducing costs and carbon footprint.
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ProfitScout
2 years ago
Romeo Power Supplies Batteries to Leader in Powertrain Performance Products
4:30 pm ET May 26, 2022 (BusinessWire)
Romeo Power, Inc. ("Romeo Power" or the "Company") (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced that the Company is supplying batteries to a leader in powertrain performance products.
"We are pleased to supply Romeo batteries to an established provider of aftermarket solutions, marking another encouraging step that supports our growth trajectory," said Romeo Power's Chief Executive Officer Susan Brennan. "The superior energy density of our battery packs is a natural fit for anyone interested in optimizing the performance of an electric powertrain. Selling into aftermarket solutions fits into our commercial strategy to support vehicle electrification at all stages of a vehicle's lifecycle and serves as a solid indicator of our efforts to expand the application of our leading technology into the growing spectrum of vehicle electrification opportunities."
"Our customer's diverse portfolio of premium products to enhance commercial and performance vehicles is an exciting opportunity to showcase the superiority of Romeo's technology. Our batteries offer the power and energy needed, while staying light and compact to complement our customer's innovative product line," Brennan added.
About Romeo Power, Inc.
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 battery electric products, 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, follow the Company on social media, @romeopowerinc or visit http://www.RomeoPower.com
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. 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, including, without limitation, express or implied statements concerning Romeo Power's ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power's expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power's ability to produce and deliver such products on a commercial scale, and Romeo Power's expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power's potential need for and ability to secure additional capital; the performance of Romeo Power's products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power's products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company's filings with the SEC. 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. 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.
Romeo Power Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220526005764/en/
SOURCE: Romeo Power Inc.
For Investors:
Joe Caminiti or Ashley Gruenberg
Alpha IR Group
RMO@alpha-ir.com
312-445-2870
ProfitScout
2 years ago
Romeo Power Appoints New Senior Vice President of Product Engineering
4:15 pm ET May 16, 2022 (BusinessWire)
Romeo Power, Inc. ("Romeo Power" or the "Company") (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced the appointment of Leon Kaunitz as senior vice president of product engineering.
Kaunitz will play a critical leadership role in the Company's efforts to deliver advanced electrification products with full integration on commercial vehicles and other complex applications. His primary areas of responsibility will include management of mechanical design, thermal and stress validation, engineering processes across all product development efforts including research and development of thermal systems, and the management of Romeo Power's electromechanical and structural design teams.
"We are thrilled that Leon has joined our team as the new senior vice president of product engineering," said Romeo Power's Chief Technology Officer AK Srouji, Ph.D. "He has been instrumental in leading new product design, engineering and manufacturing of numerous EV products from concept to completion, including successful production implementation and customer satisfaction. He brings an added breadth and depth of experience to Romeo Power, and he will be an asset to our entire organization, helping us achieve our commitment to move people and cargo emission free."
Kaunitz, who is a mechanical engineer with a Master of Science degree in Road Vehicles and Advanced Technology, is highly experienced in EV applications for automotive and commercial vehicles, including advanced battery system concepts, innovation and efficiency. He brings a broad range of expertise in vehicle electrification to Romeo Power, including new product engineering and manufacturing, business development, research and development and customer satisfaction. Additionally, Kaunitz will supplement Romeo Power's existing capabilities through his extensive experience supporting commercial vehicle design, integration of battery systems, e-Powertrain, Autonomous drive, and implementation of advanced and efficient EV technologies. He has developed and successfully implemented several new vehicles into production across U.S., Europe and Asia. Kaunitz has received numerous U.S. patents and is the author of several technical publications.
"Romeo Power offered me a unique opportunity to be part of the commercial and industrial transportation industry transformation," said Kaunitz. "I look forward to supporting Romeo's customers focused on environmental responsibility, safety, and reducing operating costs. I am excited to contribute to the organization as Romeo Power continues leading the transition to advanced electrification and a clean energy future across a variety of markets."
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 battery electric products, 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 media @romeopowerinc or visit http://www.romeopower.com.
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. 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, including, without limitation, express or implied statements concerning Romeo Power's ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power's expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power's ability to produce and deliver such products on a commercial scale, and Romeo Power's expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power's potential need for and ability to secure additional capital; the performance of Romeo Power's products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power's products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company's filings with the SEC. 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. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220516005961/en/
SOURCE: Romeo Power Inc.
Romeo Power Inc.
For Investors:
Joe Caminiti or Ashley Gruenberg
Alpha IR Group
RMO@alpha-ir.com
312-445-2870
ProfitScout
2 years ago
Romeo Power Reports First Quarter 2022 Financial Results
4:10 pm ET May 9, 2022 (BusinessWire)
--Reiterates full-year 2022 revenue guidance supported by growing diversity of customer relationships across previously untapped markets
Romeo Power, Inc. ("Romeo Power" or the "Company") (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced its financial results for the fiscal first quarter ended March 31, 2022.
Quarterly Financial Highlights
Delivered total revenues of $11.6 million, in-line with the Company's annual expectations Supported by product revenues of $11.4 million, an increase of $10.8 million compared to the first quarter 2021 Revenue growth was driven primarily by increased delivery levels, as the Company continued to satisfy major supply contracts and expanded production capacity Captured improved fixed cost leverage and manufacturing scale as production volumes continue to increase Current backlog of $412.0 million based on minimum purchase commitments as of quarter end
Recent Business Updates
Continued to expand scope of Romeo Power's total addressable market, pursuing a broad range of potential customer relationships across previously untapped markets, with expanded vehicle types and electrification opportunities Selected by a U.S. manufacturer of Low-Speed Electric Vehicles (LSEVs) as the sole provider of lithium-ion batteries for its next generation vehicle Shipped first production pedigree packs to a key customer that manufactures fully electric heavy-duty commercial vehicles Forged relationship with bus and heavy-duty truck EV powertrain manufacturer, Wrightspeed Inc., to build "Powertrain in a Crate" kits, using Romeo Power's high-capacity battery pack and module technology Awarded the first phase of a multi-phase commercial program with Indigo Technologies, an automotive OEM specializing in lightweight electric vehicles for rideshare and delivery driving Announced a three-year extension of an existing supply agreement with one of Romeo's long-standing customers, with a minimum contractual commitment valued at approximately $17 million and additional upside potential over the same time period Delivered units to four new pilot customers, two of which were previously restricted prior to the acquisition of the Company's former joint venture earlier this year Accelerated growth and commercialization by increasing 2022 average daily module production rates by up to 75% over the fourth quarter of 2021 Added a third shift to Vernon, CA facility to support execution against the Company's current backlog Drove significant operations and production throughput enhancements by continued focus on process improvement and manufacturing capacity expansions Met major milestones in the transition of operations to the Company's new state of the art manufacturing facility in Cypress, California
Management Commentary
Susan Brennan, Chief Executive Officer of Romeo Power, commented: "The first quarter of 2022 marked solid progress and a continuation of the momentum we began driving in the second half of last year. We accelerated our commercial production ramp and increased daily production rates substantially. This allowed for improved deliveries of our leading battery pack technology to customers, thus positioning our Company for continued operational and commercial success. These improved production rates and throughput have not only been crucial in establishing and supporting the foundation for our growth trajectory, but have also allowed Romeo to capture scale and drive a meaningful decline in operating costs relative to our revenues. We expect to continue benefitting from our enhanced operating capabilities and improved processes as we move closer to having all of our operations and R&D under one roof at our state of the art facility in Cypress, California."
"On the commercial front, we have also made meaningful strides to support our growth and corporate development. In the first quarter we successfully finalized a multi-year supply agreement extension and enhancement with a leading commercial vehicle customer, entered into a new multi-phase commercial program with an automotive OEM to power rideshare and delivery vehicles, and began shipping the first production of 80 kWh pedigree packs to a key customer manufacturing heavy-duty EVs. We are encouraged by the traction we are gaining in attracting new customers and pilot programs, while opening up discussions with a broad range of other vehicle providers that are interested in how our leading battery technology and battery management systems can create value in the rapidly expanding market for electrification," said Brennan.
Brennan concluded, "While we made marked strides executing against our areas of immediate focus, we remain committed to making the necessary steps to best position the Company for long-term success and shareholder value creation. We will remain diligent in the refinement of our operational performance, establishing operational processes and capacity enhancements that will facilitate our production and further strengthen our revenue trajectory. We have leading proprietary technology that is being recognized by multiple industries, and we will leverage that superior performance and capabilities into improved value and financial performance alongside the quickly expanding market for electrification and EV battery technology. 2022 will be a transformative year for Romeo Power, and we look forward to updating you on the exciting progress we are making as we power the next generation of electric vehicles."
Liquidity and Balance Sheet
The Company ended the first quarter with cash and cash equivalents and investments of $66.9 million Completed acquisition of BorgWarner's interest in the joint venture between Romeo Power and BorgWarner during the quarter for a total consideration of approximately $37 million, including cash costs to close the transaction Raised approximately $25 million through common stock standby equity line of credit during the quarter Continue to pursue additional equity financing sources to complement previously announced common stock standby equity line of credit with Yorkville Advisors
2022 Outlook
Based on the Company's current backlog and commercial outlook, Romeo Power reaffirmed the following outlook for fiscal year 2022 ending December 31, 2022:
Total Revenue to range between $40 million to $50 million
Kerry Shiba, Chief Financial Officer of Romeo Power, concluded, "Given our commercial momentum and growing diversity of electrification opportunities, we are reaffirming our previously announced expectations for between $40 to $50 million of revenue in fiscal 2022. While the completion of the purchase of our prior joint venture was a significant use of capital during the period, it brought us full control of our valuable intellectual property, as well as our research and development focus. It also has allowed us to pursue a broader range of strategic and customer engagements that were previously restricted during our prior partnership, which is evidenced by the accelerated pace of commercial announcements we've had over the last few months. During the quarter, we continued to make thoughtful investments in the business, focused on supporting our growing commercial opportunities and strengthening the foundation for long-term growth. This included the buildout of our new Cypress, CA facility, and the addition of critical production and commercial personnel. To support these continued efforts, we have filed our proxy statement for the 2022 annual meeting of our stockholders, which includes two capital-related proposals that are important to support Romeo's path forward and future growth. We've made strong progress in revitalizing the foundation of our organization in a short period of time, and believe we remain well positioned to help our growing customer base leverage our valuable technologies in the electrification and clean technology ecosystem."
Conference Call Information
Romeo Power will host a conference call to discuss these financial and operational results at 2:00 p.m. U.S. Pacific Time (5:00 p.m. U.S. Eastern Time), on May 9, 2022. Participating on the call will be Susan Brennan, President and Chief Executive Officer, Kerry Shiba, Chief Financial Officer, Anne Devine, Chief Operating Officer, Dr. AK Srouji, Chief Technology Officer, and Lauren Webb, Chief Strategy and Commercial Officer of Romeo Power. To access the conference call, parties should visit the events section of the Investor Relations website at https://investors.romeopower.com/. A recording of the webcast will also be available following the conference call.
About Romeo Power, Inc.
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 battery electric products, 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 media @romeopowerinc or visit http://www.romeopower.com.
Disclosures & Forward Looking Statements
Romeo Power files reports with the Securities and Exchange Commission (the "SEC"), which are available on the Company's website under "Investor Relations" free of charge. This includes Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports as soon as reasonably practicable after the Company electronically files such materials with or furnishes them to the SEC. The SEC also maintains an Internet site that contains Romeo Power's reports, proxy and information statements, and other information at www.sec.gov.
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. 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, including, without limitation, express or implied statements concerning Romeo Power's ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power's expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power's ability to produce and deliver such products on a commercial scale, and Romeo Power's expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power's potential need for and ability to secure additional capital; the performance of Romeo Power's products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power's products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company's filings with the SEC. 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. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220509006126/en/
SOURCE: Romeo Power Inc.
For Investors:
Joe Caminiti or Ashley Gruenberg
Alpha IR Group
RMO@alpha-ir.com
312-445-2870
comtex tracking
COMTEX_406934417/1006/2022-05-09T16:10:01
ProfitScout
2 years ago
Romeo Power Selected by Key Customer as Sole Provider of Lithium-Ion Batteries for Next Gen Electric Vehicle
May 6, 2022 (BusinessWire)
Romeo Power, Inc. ("Romeo Power" or the "Company") (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced that the Company has been selected by a U.S. manufacturer of Low-Speed Electric Vehicles (LSEVs) as the sole provider of lithium-ion batteries for its next generation vehicle. These LSEVs are affordable, road-ready transportation options for food, packages and other resources, and are also ideal for campus mobility and last-mile distribution applications.
"We are pleased to have been chosen as the battery supplier for our valued customer, and we believe it provides further validation of our technology and the value proposition we offer to OEMs," said Romeo's Chief Executive Officer Susan Brennan. "This partnership allows Romeo to fulfill our customer's need for versatile commercial battery products sourced in North America."
"Our customer's next generation LSEVs will feature a sleek design, functionality, affordability and sustainability, making it an attractive option for fleet managers who constantly seek ways to enhance performance while reducing costs," Brennan added. "Romeo Power's high-quality lithium-ion battery solutions, which are designed and assembled in the U.S., suit the fit, form and function needed for our customer's vehicles, while delivering high performance and superior safety properties. Our premium battery product will support our customer's goal to deliver a high reliability LSEV for domestic and international markets."
Brennan concluded that this agreement is a win-win for both organizations. "Romeo Power and our customer are both very excited about this opportunity, and we look forward to formally announcing the details of this strategic partnership in the near future."
Romeo Power's Chief Technology Officer AK Srouji, PhD, highlighted four key areas of the Company's expertise driving its customer's selection of Romeo Power products over other options, including:
Romeo's standard modules provide the necessary energy required in a small form factor to meet the customer's unique vehicle configuration requirements. Romeo Power's highly configurable battery solutions meet the customer LSEV's requirement for a mid-range voltage battery module, whereas competitors offered only high-voltage or low-voltage solutions. Romeo Power's standard battery solution comes fully compatible with the manufacturer's customized in-house battery Thermal Management System (TMS), ensuring optimal performance and longevity of the battery. With the ability to properly control battery temperatures for vehicle operations and recharging, the customer's new LSEV will be fully operational in a wide range of climates and locations. Romeo Power's innovative design offers its customer the ability to implement the latest generation of battery technology, which will keep its products relevant well into the future. Romeo's modules also come with industry-leading lithium-ion cells and applicable certifications to meet mandatory U.S. transportation and other regulations.
About Romeo Power, Inc.
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 battery electric products, 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, follow the Company on social media, @romeopowerinc or visit http://www.RomeoPower.com
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. 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, including, without limitation, express or implied statements concerning Romeo Power's ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power's expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power's ability to produce and deliver such products on a commercial scale, and Romeo Power's expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power's potential need for and ability to secure additional capital; the performance of Romeo Power's products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power's products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company's filings with the SEC. 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. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220506005288/en/
SOURCE: Romeo Power Inc.
Romeo Power Inc.
For Investors:
Joe Caminiti or Ashley Gruenberg
Alpha IR Group
RMO@alpha-ir.com
312-445-2870
ProfitScout
2 years ago
Romeo Power Announces Sponsorship & Participation at the Advanced Clean Transportation Expo May 9-11, 2022 in Long Beach
4:15 pm ET May 2, 2022 (BusinessWire)
Romeo Power, Inc. ("Romeo Power" or the "Company") (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, will be a featured panelist, sponsor and exhibitor at ACT Expo May 9-11, 2022 at the Long Beach Convention Center.
ACT Expo is North America's largest conference and expo showcasing real-world application of the latest transportation technologies, drivetrains and clean fuels. It combines the best educational content in the industry with a cutting-edge trade show floor showcasing the most innovative products and solutions on the market today.
"Romeo Power is pleased to be a Silver Sponsor for this year's ACT Expo, and to take a leadership role in supporting this important industry event. This year's expo will be a great opportunity to highlight our innovative products and solutions for fleet electrification, connect with our valued customers, and support the people and partnerships that are rapidly accelerating decarbonization of commercial transportation," said Susan Brennan, Romeo's Chief Executive Officer. "We at Romeo are looking forward to showcasing the intellectual and commercial value we bring to our customers to help them leverage emerging technologies in the electrification and clean technology ecosystem."
Romeo Power is proud to sponsor the Battery Tech Workshop taking place from 10-11 am Monday, May 9. AK Srouji, PhD , Chief Technology Officer for Romeo Power , will be a featured panelist at the workshop. During the panel presentation, titled "Battery Tech Evolution for Commercial Vehicles," Dr. Srouji will share his extensive knowledge, insights and experiences in the development and growth of commercial vehicle battery technology. He will join fellow expert panelists in discussing an overview of today's leading battery technologies in the market, new battery chemistries, critical milestones in EV deployments, and highlights of the most promising battery technology innovations from around the world.
Romeo will also highlight its innovative products and technology for fleet electrification in Exhibit Hall Booth 1361 Monday, May 9-Wednesday, May 11. With high packaging efficiency, high energy density and a structurally integrated cooling system, Romeo Power's modular battery systems offer multiple safety features and are designed to tolerate thermal event faults at a single cell level. The Company will showcase the following products at ACT Expo:
Banyan Module - The ideal electrification solution for the commercial vehicle industry, Banyan is a modular building block consisting of lithium-ion cells in a 21700 format that are connected in series and parallel to achieve the desired voltage, energy and power capability. Its high packaging efficiency, high energy density and structurally integrated cooling system makes it an ideal battery system for many automotive powertrain applications.
Menara Pack Series - Romeo Power's proprietary pack family exhibits application flexibility and can power a range of commercial vehicles spanning from Class 3 delivery vehicles to the largest, long-haul Class 8 vehicles.
About Romeo Power, Inc.
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 battery electric products, 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, follow the Company on social media, @romeopowerinc or visit http://www.RomeoPower.com.
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. 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, including, without limitation, express or implied statements concerning Romeo Power's ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power's expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power's ability to produce and deliver such products on a commercial scale, and Romeo Power's expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power's potential need for and ability to secure additional capital; the performance of Romeo Power's products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power's products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company's filings with the SEC. 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. 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.
Romeo Power Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220502005824/en/
SOURCE: Romeo Power Inc.
For Investors:
Joe Caminiti or Ashley Gruenberg
Alpha IR Group
RMO@alpha-ir.com
312-445-2870
ProfitScout
2 years ago
Romeo Power to Release First Quarter 2022 Results on May 9, 2022
April 21, 2022 (BusinessWire)
Romeo Power, Inc. ("Romeo Power" or the "Company") (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced that it plans to report results for its fiscal first quarter ended March 31, 2022 on May 9, 2022. A conference call to discuss the financial and operational results is scheduled for May 9, 2022 at 2:00 PM U.S. Pacific Time (5:00 p.m. U.S. Eastern Time).
Investors, analysts, and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call, available on the Company's website at http://www.investors.romeopower.com. Interested parties may also participate in the call by dialing (888) 550-5279 and entering the conference ID 5268336. A replay of the conference call will be available a few hours after the event on the investor relations section of the Company's website, under the events section.
About Romeo Power, Inc.
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. Romeo Power's 113,000 square-foot manufacturing facility brings its flexible design and development process in-house 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 http://www.romeopower.com.
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. 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, including, without limitation, express or implied statements concerning Romeo Power's ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power's expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power's ability to produce and deliver such products on a commercial scale, and Romeo Power's expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power's potential need for and ability to secure additional capital; the performance of Romeo Power's products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power's products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company's filings with the SEC. 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. 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.
Romeo Power Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220421005425/en/
SOURCE: Romeo Power, Inc.
For Investors:
Joe Caminiti or Ashley Gruenberg
Alpha IR Group
RMO@alpha-ir.com
312-445-2870
ProfitScout
2 years ago
Romeo Power Completes Phase One of Move to New Orange County Location
8:00 am ET March 31, 2022 (BusinessWire)
Romeo Power, Inc. ("Romeo Power" or the "Company") (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced that it has completed the first phase of the company's move to its new state-of-the-art headquarters and manufacturing facility located in Cypress, California.
The new facility includes 191,000 square feet of industrial space which is still under construction to build out critical laboratory and testing areas, as well as to prepare the manufacturing floor for operations. While construction is ongoing elsewhere in the building, employees in the sales, finance, accounting, and legal departments are now working from the office space.
"A new era of Romeo Power's growth has begun," said Susan Brennan, Romeo's Chief Executive Officer. "Over the next several months, we will bring hundreds of jobs to Orange County. We look forward to being an active member of the Orange County business community from our new location in Cypress."
Production is scheduled to commence in the Cypress factory later in 2022 with the transition from Vernon to Cypress expected to be completed during the third quarter of 2022. In the meantime, Romeo continues all development and manufacturing activities in its existing factory in Vernon, California.
About Romeo Power, Inc.
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 battery electric products, 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 media @romeopowerinc or visit http://www.romeopower.com.
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. 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, including, without limitation, express or implied statements concerning Romeo Power's ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power's expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power's ability to produce and deliver such products on a commercial scale, and Romeo Power's expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power's potential need for and ability to secure additional capital; the performance of Romeo Power's products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power's products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company's filings with the SEC. 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. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220331005032/en/
SOURCE: Romeo Power Inc.
For Investors:
Joe Caminiti or Ashley Gruenberg
Alpha IR Group
RMO@alpha-ir.com
312-445-2870
ProfitScout
2 years ago
Romeo Power Announces Shipment of First Production Pedigree Packs to Key Customer
4:15 pm ET March 29, 2022 (BusinessWire)
Romeo Power, Inc. ("Romeo Power" or the "Company") (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced that it has begun shipping the first production pedigree packs to a key customer that manufactures fully electric heavy-duty commercial vehicles.
This successful production launch is the culmination of a custom pack development program using Romeo's off-the-shelf modules and battery management system. The 80 kWh packs were prototyped and manufactured in Romeo's 112,000 square foot factory in Vernon, California.
"Romeo has just achieved a major milestone, not only for ourselves, but for zero-emissions commercial transportation as a whole. Our energy-dense batteries now power fully electric heavy-duty vehicles that are expected to travel up to 350 miles on a single charge," said Susan Brennan, Romeo's Chief Executive Officer. "It's thrilling to see our battery technology enable this important step in electrification."
Romeo will continue to expand production capacity for this and other customers in its new Cypress factory. Production is scheduled to commence in the new factory later this year with the transition from Vernon to Cypress expected to be completed during the third quarter of 2022.
About Romeo Power, Inc.
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 battery electric products, 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 media @romeopowerinc or visit http://www.romeopower.com.
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. 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, including, without limitation, express or implied statements concerning Romeo Power's ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power's expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power's ability to produce and deliver such products on a commercial scale, and Romeo Power's expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power's potential need for and ability to secure additional capital; the performance of Romeo Power's products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power's products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company's filings with the SEC. 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. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220329005797/en/
SOURCE: Romeo Power Inc.
For Investors:
Joe Caminiti or Ashley Gruenberg
Alpha IR Group
RMO@alpha-ir.com
312-445-2870
ProfitScout
2 years ago
Romeo Power to Participate in Upcoming Investor Conferences
March 2, 2022 (BusinessWire)
Romeo Power, Inc. ("Romeo Power" or the "Company") (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced that senior management will participate in two conferences during the month of March, including:
2nd Annual Cowen Mobility Disruption Conference on March 4th 34th Annual Roth Conference on March 14th
The Cowen Mobility Disruption Conference will be held virtually. Susan Brennan, President and Chief Executive Officer, and Kerry Shiba, Chief Financial Officer, will conduct one-on-one meetings with investors attending the conference. Additionally, the Company's management will participate in a fireside chat at 9:50 a.m. US Eastern Time.
The Roth Conference will be held at The Ritz Carlton, Laguna Niguel located in Dana Point, California. Ms. Brennan and Mr. Shiba will conduct one-on-one and group meetings with investors attending the conference.
The applicable webcast link and any Company materials for the Cowen Mobility Disruption Conference will be available on the Company's investor relations website under the Events & Presentations section. Following the conclusion of the fireside chat, a replay will be available on the Company's website.
About Romeo Power, Inc.
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 battery electric products, 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 media @romeopowerinc or visit http://www.romeopower.com.
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. 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, including, without limitation, express or implied statements concerning Romeo Power's ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power's expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power's ability to produce and deliver such products on a commercial scale, and Romeo Power's expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power's potential need for and ability to secure additional capital; the performance of Romeo Power's products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power's products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company's filings with the SEC. 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. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220302006078/en/
SOURCE: Romeo Power, Inc.
For Investors:
Joe Caminiti or Ashley Gruenberg
Alpha IR Group
RMO@alpha-ir.com
312-445-2870
ProfitScout
2 years ago
Romeo Power Reports Fourth Quarter and Full Year 2021 Financial Results
March 1, 2022 (BusinessWire)
Romeo Power, Inc. ("Romeo Power" or the "Company") (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced its financial results for the fourth quarter and full year ended December 31, 2021.
Full Year 2021 Highlights
Delivered total revenues of $16.8 million, in-line with prior outlook Supported by product revenues of $12.4 million, an increase of 326% over the prior year, driven by delivery on four key supply contracts and an acceleration in production in the second half of 2021 Increased R&D significantly to further enhance market-leading technology and capabilities, and support product development activity Began achieving improved cost leverage as product volumes increased Finished 2021 with cash and cash equivalents and investments of $119.9 million
Recent Business Updates
Completed the acquisition of BorgWarner's interest in the joint venture between Romeo Power and BorgWarner earlier this year, which enables Romeo Power to: Fully control its valuable intellectual property and decide scope and focus of its research and development activities Pursue a broader range of strategic and customer engagements that were restricted during its prior partnership Accelerate commercialization of its products across various vehicle types and applications worldwide Entered into common stock standby equity line purchase agreement to access additional capital to fund commercialization programs, advance industry-leading R&D, and support growth moving forward Accelerated growth and commercialization by increasing 2022 average daily production rates by 37% over the fourth quarter of 2021 Announced a three-year extension of an existing supply agreement with one of Romeo's long-standing customers, with a minimum contractual commitment valued at approximately $17 million and additional upside potential over the same time period Won the first of a multi-phase program with Indigo Technologies ("Indigo"), an OEM specializing in lightweight commercial vehicles for rideshare and delivery driving, which first phase is expected to culminate in the launch of Indigo's FLOW show car later this year Continued to diversify the Company's market reach, including the recent sale of initial samples to multiple new potential customers across a diverse set of industries including: marine, electric powertrain, defense contracting, commercial electric vehicle ("EV") integrators, and unique short-range ride sharing and delivery vehicles Completed the buildout of the senior management team, adding seasoned executives across the full C-suite Improved key availability for battery cells through a previously announced long-term supply agreement Advanced process of transitioning operations to the Company's new state of the art manufacturing facility in Cypress, California Added manufacturing headcount, including a third shift, to support production growth and scalability
Management Commentary
Susan Brennan, Chief Executive Officer of Romeo Power, commented: "The second half of 2021 was especially pivotal for Romeo Power, marked by important progress and the taking of key steps to position our company for future commercial and operational success. Since I stepped into the role as Chief Executive Officer in August of 2021, we have applied a clear focus on the areas that will be critical to supporting our commercial production ramp as we prepare for continued revenue growth alongside the rapidly expanding market for electrification. In the fourth quarter, and thus far through the beginning of 2022, we have materially improved our manufacturing capabilities and processes, both of which will set the stage for production rates and capacity to be further enhanced as we transition to our new state of the art manufacturing facility in Cypress, California. This new location will almost double our floorspace and expand laboratory facilities, each of which will allow for more efficient and effective expansion as we grow, and it will keep substantially all of our operations, labs and personnel under one roof."
Brennan continued, "While 2021 was a challenging year for our industry with global supply chain disruptions reducing access to the supply of key components, including battery cells, we took and continue to take important steps to mitigate these issues. To that end, during the year we further supported our ability to meet growing customer demand by strengthening our supply chain and sourcing, and entered into a long-term supply agreement with a Tier 1 cell manufacturer. Looking forward we will continue to diversify into alternative sources with high-quality suppliers of critical components. This strengthened supply chain should help increase production throughput and drive down costs and operating downtime in the future."
Brennan concluded, "While Romeo Power took numerous foundational steps that will position us for future success, the next critical step is the intelligent evolution of our market strategy. We have a superior and materially differentiated product and we will utilize that to gain further market advantages in the places where our products and solutions are most valued by our customers. Further, since we acquired ownership of the joint venture in early February, we have opened up numerous conversations and potential collaborations with partners, not just with heavy-duty commercial vehicle manufacturers, but in several other adjacent markets that value our technology as well. We are operating in a very large and growing market, and believe we have numerous opportunities to leverage our industry leading technology as the market for electrification and EV battery technology expands. We will be growing alongside it, delivering industry-leading energy density, increased range, product and system efficiency, and superior safety and reliability. We believe this will support consistent top-line expansion and value for our shareholders over the long-term."
2022 Outlook
Based on the Company's current backlog and commercial outlook, Romeo Power offered the following outlook for fiscal year 2022 ending December 31, 2022:
Total Revenue to range between $40 million to $50 million
Kerry Shiba, Chief Financial Officer of Romeo Power, concluded, "Our business continues to accelerate and evolve with a rapidly developing market for electrification. As a result, we are forecasting significant top-line growth for next year. It is important to understand that our 2022 revenue outlook would be approximately double the range provided, which would be 5-7 times higher than our 2021 results, if not for a structural change in how the value of battery cells are treated in our arrangement with a major customer. As this change takes place, the value of battery cells used in our products manufactured for this customer will be excluded from both our revenues and cost of revenues. Our outlook reflects ongoing partnerships with our customers and our expectation of continued operating improvements that support our ability to meet expected sales demand. Lastly, to support our continuing growth, we recently entered into a common stock standby equity line purchase agreement, which will allow us to flexibly raise capital to support our business. We look forward to what we believe will be a transformative year for Romeo Power."
Conference Call Information
Romeo Power will host a conference call at 2:00 p.m. U.S. Pacific Time (5:00 p.m. U.S. Eastern Time) today, March 1, 2022. Participating on the call will be Susan Brennan, President and Chief Executive Officer, and Kerry Shiba, Chief Financial Officer, of Romeo Power. To access the conference call, parties should visit the events section of the Investor Relations website at https://investors.romeopower.com/. A recording of the webcast will also be available following the conference call.
About Romeo Power, Inc.
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 battery electric products, 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 media @romeopowerinc or visit http://www.romeopower.com.
Disclosures & Forward Looking Statements
Romeo Power files reports with the Securities and Exchange Commission (the "SEC"), which are available on the Company's website under "Investor Relations" free of charge. This includes Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports as soon as reasonably practicable after the Company electronically files such materials with or furnish them to the SEC. The SEC also maintains an Internet site that contains Romeo Power's reports, proxy and information statements, and other information at www.sec.gov.
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. 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, including, without limitation, express or implied statements concerning Romeo Power's ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power's expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power's ability to produce and deliver such products on a commercial scale, and Romeo Power's expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power's potential need for and ability to secure additional capital; the performance of Romeo Power's products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power's products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company's filings with the SEC. 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. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220301006042/en/
SOURCE: Romeo Power, Inc.
For Investors:
Joe Caminiti or Ashley Gruenberg
Alpha IR Group
RMO@alpha-ir.com
312-445-2870
comtex tracking
COMTEX_403320664/1006/2022-03-01T16:15:01
ProfitScout
2 years ago
Romeo Power Secures Initial Phase of Collaboration With Indigo Technologies
March 1, 2022 (BusinessWire)
Romeo Power, Inc. ("Romeo Power" or the "Company") (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced it has been awarded the first phase of a multi-phase commercial program with Indigo Technologies ("Indigo"), an automotive OEM specializing in lightweight electric vehicles for rideshare and delivery driving targeting the lowest cost per mile.
Recent evolution of the last-mile delivery and on-demand passenger vehicle sector has created a need for energy- and space-efficient vehicles that optimize constant reloading of cargo and passengers. Indigo will launch its full size, FLOW show car later this year at the Los Angeles Auto Show. The FLOW PLUS full-size show car will launch with different prototype testing versions in 2023.
"Indigo's selection of Romeo Power showcases the joint efforts of two nimble companies that strongly believe in the advancement of this emerging market. Romeo is pleased to partner with Indigo and further demonstrate its innovative vehicles for the rideshare and delivery market," states Lauren Webb, Romeo's Chief Strategy and Commercial Officer.
"We are pleased to announce our OEM technology collaboration with Romeo Power," stated Greg Tarr, Indigo's Chief Strategy Officer. "We have a great, technical collaboration with Romeo's leadership team to develop our lightweight commercial vehicles in conjunction with Romeo's advanced battery technology. Romeo's battery technology is designed for a diverse and wide ranging set of vehicles, including on-road, off-road, marine, and stationary applications. Romeo's superior Battery Management System (BMS) will be strategically important to customers, advancing Indigo's efforts to separate itself from other purpose-built vehicles. We look forward to a valuable future of serving our mutual customer base and pioneering in the lightweight, commercial EVs sector."
Romeo and Indigo will be exhibiting at the ACT Expo in Long Beach, California on May 9-12, 2022 and would welcome the opportunity to discuss this innovative collaboration with attendees, media, and investors.
About Romeo Power, Inc.
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 battery electric products, 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 http://www.romeopower.com.
About Indigo Technologies, Inc.
Indigo is delivering an entirely new class of smooth riding and roomy electric vehicles that are highly efficient and affordable for fleets and drivers. Indigo EVs have the lowest cost-per-mile and carbon footprint for its class due to its patented robotic wheels that provide superior comfort and handling while maximizing usable cabin space for compact urban rideshare and delivery.
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. 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, including, without limitation, express or implied statements concerning Romeo Power's ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power's expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power's ability to produce and deliver such products on a commercial scale, and Romeo Power's expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power's potential need for and ability to secure additional capital; the performance of Romeo Power's products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power's products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company's filings with the SEC. 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. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220301005513/en/
SOURCE: Romeo Power, Inc.
Romeo Power Investors:
Joe Caminiti or Ashley Gruenberg
Alpha IR Group
RMO@alpha-ir.com
312-445-2870
Indigo Technolgies Media Contact:
press@indigotech.com
ProfitScout
2 years ago
Romeo Power to Release Fourth Quarter and Full-Year 2021 Results on March 1, 2022
6:30 pm ET February 16, 2022 (BusinessWire)
Romeo Power, Inc. ("Romeo Power" or the "Company") (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced that it plans to report results for its fiscal fourth quarter and full-year ended December 31, 2021 on March 1, 2022. A conference call to discuss the financial and operational results is scheduled for March 1, 2022 at 2:00 PM U.S. Pacific Time (5:00 p.m. U.S. Eastern Time).
Investors, analysts, and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call, available on the Company's website at http://www.investors.romeopower.com. Interested parties may also participate in the call by dialing (844) 200-6205 and entering the passcode 405227. A replay of the conference call will be available a few hours after the event on the investor relations section of the Company's website, under the events section.
About Romeo Power, Inc.
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. Romeo Power's 113,000 square-foot manufacturing facility brings its flexible design and development process in-house 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 http://www.romeopower.com.
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. 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, including, without limitation, express or implied statements concerning Romeo Power's ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power's expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power's ability to produce and deliver such products on a commercial scale, and Romeo Power's expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power's potential need for and ability to secure additional capital; the performance of Romeo Power's products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power's products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company's filings with the SEC. 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. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220216006280/en/
SOURCE: Romeo Power, Inc.
For Investors:
Joe Caminiti or Ashley Gruenberg
Alpha IR Group
RMO@alpha-ir.com
312-445-2870
ProfitScout
2 years ago
Romeo Power Takes Next Step in Support of Commercialization by Entering Into Flexible Equity Purchase Agreement With Yorkville Advisors
February 16, 2022 (BusinessWire)
Romeo Power, Inc. ("Romeo Power" or the "Company") (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced that it has entered into a $350 million common stock standby equity line purchase agreement with an affiliate of financing partner Yorkville Advisors. This equity purchase agreement comes after the Company announced last month that it had filed a Form S-3 to register new shares pursuant to Rule 415 under the Securities Act of 1933. The purchase agreement gives Romeo Power the right, but not the obligation, to sell up to $350 million of common equity to an affiliate of Yorkville Advisors at the time of Romeo Power's choosing during the term of the agreement.
Purchase Agreement Highlights:
Under the executed purchase agreement, Romeo Power has the option, but not the obligation, to issue and sell up to $350 million in common equity at the time of Romeo Power's choosing during the term of the agreement, subject to certain limitations New shares will be issued to the investor at a discounted price of 96.25% of the 3-day volume-weighted average price ("VWAP") following notification by the Company to the investor to draw upon the facility The ELOC facility will continue for a term of two years
Susan Brennan, Chief Executive Officer of Romeo Power, commented: "Over the last several months we have significantly advanced our strategic vision for Romeo Power, including the further enhancement of our industry-leading technology and intellectual property, a refreshed leadership team, and the start of our upcoming transition into our new state-of-the-art headquarters and manufacturing facility in Cypress, CA. This is a meaningful step forward for our company, our shareholders, and our broader stakeholders. We have now secured the financial optionality we need to support customers, advance our commercial development and reinforce our leading competitive position as we translate these strong attributes into commercialization, growth, and enhanced shareholder value."
Kerry Shiba, Chief Financial Officer of Romeo Power, added, "We are pleased to have secured this financing, as it provides us valuable optionality and access to capital to continue to pursue our growth strategy. The ELOC facility structure provides flexibility to balance continuing business investment to drive long-term value and possible shareholder dilution in the short-term. We have the ability to draw from the facility at the time of our choosing during the term of the agreement. While we are not obligated to issue shares or to utilize the full amount under the current facility, the agreement with Yorkville provides Romeo Power a committed source of capital to fund our growth."
The information contained in this press release does not constitute an offer to sell or the solicitation of an offer to buy shares of Romeo Power common stock, nor shall there be any offer, solicitation, or sale of the shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Romeo Power, Inc.
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. Romeo Power's 113,000 square-foot manufacturing facility brings its flexible design and development process in-house 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 https://romeopower.com.
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. 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, including, without limitation, express or implied statements concerning Romeo Power's ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power's expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power's ability to produce and deliver such products on a commercial scale, and Romeo Power's expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power's potential need for and ability to secure additional capital; the performance of Romeo Power's products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power's products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company's filings with the SEC. 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. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220216005523/en/
SOURCE: Romeo Power, Inc.
For Investors:
Joe Caminiti or Ashley Gruenberg
Alpha IR Group
RMO@alpha-ir.com
312-445-2870
ProfitScout
2 years ago
ROMEO POWER COMPLETES ACQUISITION OF JOINT VENTURE INTEREST FROM BORGWARNER
February 7, 2022
Closing of the joint venture acquisition expands strategic optionality as the Company pursues further commercialization and growth plans
Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced that it has completed its previously announced acquisition from BorgWarner Inc. (“BorgWarner”) of its interest in the joint venture (“JV”) between Romeo Power and BorgWarner for consideration purchase price of $28.6 million, using cash on hand.
Transaction Highlights:
Acquiring BorgWarner’s interest in the JV frees the Company from restrictions that significantly limited the scope of its commercial activities, which now will enable the Company to commercialize its products for use in applications beyond specific classes of heavy-duty commercial vehicles and in geographies worldwide
Romeo Power now secures all future decision-making and investment authority regarding the development and commercialization of its valuable intellectual property
“Over the last several months we have worked towards dissolving our joint venture with BorgWarner and acquiring BorgWarner’s stake in the JV. Now with the acquisition complete, Romeo Power has a much-enhanced ability to dictate its own operational and commercial future,” commented Susan Brennan, Chief Executive Officer of Romeo Power. “We have a much wider potential market in which to grow our business in vehicle electrification and to pursue markets beyond that of traditional heavy-duty commercial vehicles. We also will be able to make a determination about entering new geographies to market our existing products and future leading technology when the time is right.”
Brennan concluded, “With the rights and assets of the JV now fully under our control, we are much better positioned to leverage our electric battery technology, our intellectual property, and the prior investments we have made in R&D, as we further advance our commercial development and reinforce our leading competitive position.”
About Romeo Power, Inc.
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. Romeo Power's 113,000 square-foot manufacturing facility brings its flexible design and development process in-house 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 www.romeopower.com .
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. 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, including, without limitation, express or implied statements concerning Romeo Power’s ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power’s expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power’s ability to produce and deliver such products on a commercial scale, and Romeo Power’s expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe 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 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: 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 ability to increase the scale and capacity of its manufacturing processes; 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; Romeo Power’s potential need for and ability to secure additional capital; the performance of Romeo Power’s products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power’s products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company’s filings with the SEC. 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. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220207005184/en/
For Investors:
Joe Caminiti or Ashley Gruenberg
Alpha IR Group
RMO@alpha-ir.com
312-445-2870
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ProfitScout
2 years ago
Romeo Power Announces Appointments to Key Executive Leadership Roles
January 18, 2022 (BusinessWire)
Romeo Power, Inc. ("Romeo Power" or the "Company") (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced that it has named Anne Devine as Chief Operating Officer and Rose Rogers as Chief People Officer. In their new executive roles Mses. Devine and Rogers will report directly to Chief Executive Officer Susan Brennan.
As Chief Operating Officer ("COO"), Ms. Devine will be responsible for managing Romeo's operating and production capabilities, driving operational excellence across the company, improving operating efficiencies, and positioning the Company to scale for increased capacity and growth. Ms. Devine will replace Criswell Choi, who will leave Romeo after a four-week transition period to pursue other opportunities. In her role as Chief People Officer ("CPO"), Ms. Rogers will lead the Company's Human Resources function where she will be responsible for implementing a comprehensive organizational strategy, leading talent acquisition and management, and for driving strategic development of the Company's leadership and culture.
Management Commentary
"Over the last several months we have transformed our leadership, and I'm thrilled to add two more high-profile executives to our team here at Romeo Power. Both Anne and Rose bring decades of strong managerial and leadership experience developed at leading institutions, and we look forward to the contributions they will be making in two critical functional areas - operations and talent development," said Susan Brennan, Chief Executive Officer of Romeo Power. "Their respective experience and expertise will be vitally important to Romeo Power's strategic development as the Company prepares to foster its next phase of growth in the months and years ahead. I'd also like to thank Criswell Choi for his contributions in helping the company transform its early technology position into a commercial reality and wish him well in his future endeavors."
Brennan concluded, "Over the last year Romeo Power has strengthened its corporate foundation, worked to increase its value to its customers within the EV technology ecosystem, and enhanced our operations. We are proud to have built a best-in-class executive management team and believe that we have the right combination of leadership and resources in place to successfully execute our growth strategy and capitalize on the opportunities to profitably expand access to green technology and energy solutions."
About Rose Rogers
Rose Rogers began in her position as CPO on January 5th, 2022. Prior to joining Romeo Power, Ms. Rogers served as the Vice President and Chief Human Resources Officer at Ducommun Incorporated in Santa Ana, California. Ms. Rogers brings over 30 years of diverse human resources experience to the senior leadership team, with proven expertise in steering organizations through both periods of accelerated growth as well as business transformations, global manufacturing, union and non-unionized operations, and aligning a Company's human resources strategy with its business strategy. Ms. Rogers holds a Bachelors of Arts in Business Administration and Management from California State University, Long Beach.
About Anne Devine
Anne Devine began in her role as COO on January 17th, 2022. Prior to joining Romeo Power, Ms. Devine has 25 years of diverse experience in operational and manufacturing management, bringing unique automotive industry experience from tenures with UGN, Navistar Ford Motor Company and others. Ms. Devine holds a Masters of Science in Engineering Management from the University of Michigan and a Bachelor of Science from GMI Engineering & Management Institute.
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. 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, including, without limitation, express or implied statements concerning the Company's ability to attract and retain key personnel, the Company's ability to secure and maintain agreements with cell suppliers and OEMs, the Company's ability to validate key suppliers, the Company's expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, and the Company's ability to produce and deliver such products 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 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: 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 and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power's products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company's filings with the SEC. 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. 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.
About Romeo Power, Inc.
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. Romeo Power's 113,000 square-foot manufacturing facility brings its flexible design and development process in-house 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 https://romeopower.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220118005528/en/
SOURCE: Romeo Power, Inc.
For Investors:
Joe Caminiti or Ashley Gruenberg
Alpha IR Group
RMO@alpha-ir.com
312-445-2870
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