Romeo Power selected by key customer as sole supplier of lithium-ion batteries for next-generation electric vehicles

LOS ANGELES–(BUSINESS WIRE)–Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO), an energy technology leader providing advanced electrification solutions for complex commercial vehicle applications, today announced that the Company had been selected by a US low-speed electric vehicle (VBEV) manufacturer as the sole supplier 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 delighted to have been selected as the battery supplier for our valued customer, and believe this provides further validation of our technology and the value proposition we offer to OEMs,” said Susan Brennan, CEO of Romeo. “This partnership allows Romeo to meet our customers’ needs for versatile commercial battery products from North America.

“Our customers’ next generation of LSEVs will feature sleek design, functionality, affordability and durability, making them an attractive option for fleet managers who are constantly looking for ways to improve performance while reducing downtime.” costs,” Brennan added. “Romeo Power’s high-quality lithium-ion battery solutions, which are designed and assembled in the United States, provide the fit, form and function required by our customers’ vehicles, while delivering the performance high and superior safety properties. Our premium battery product will support our customer’s goal of providing a high reliability LSEV for domestic and international markets.

Brennan concluded that this agreement is a win-win for both organizations. “Both Romeo Power and our client are very excited about this opportunity, and we look forward to officially announcing 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 that drive its customers’ selection of Romeo Power products over other options, including:

  • Romeo’s standard modules provide the necessary power required in a compact format to meet the customer’s unique vehicle configuration requirements.

  • Romeo Power’s highly configurable battery solutions meet customer LSEV requirements for a medium voltage battery module, where competitors only offered high voltage or low voltage solutions.

  • Romeo Power’s standard battery solution is fully compatible with the manufacturer’s custom internal battery thermal management system (TMS), ensuring optimal battery performance and longevity. With the ability to properly control battery temperatures for vehicle operations and charging, the customer’s new LSEV will be fully operational in a wide range of climates and locations.

  • Romeo Power’s innovative design offers its customers the ability to implement the latest generation of battery technology, which will keep its products relevant into the future. Romeo’s modules also come with industry-leading lithium-ion cells and applicable certifications to meet mandatory US transportation and other regulations.

About Romeo Power, Inc.

Founded in 2016 and based in Los Angeles, California, Romeo Power (NYSE: RMO) is an energy technology leader providing advanced electrification solutions for complex commercial vehicle applications. The company’s suite of advanced battery electric products, combined with its innovative battery management system, provides the safety, performance, reliability and configurability its customers need to succeed. To keep up with all of Romeo Power, follow the company on social media, @romeopowerinc or visit 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”, “forecasts”, “expects”, “anticipates”, “plans”, “projects”, “intends”, “believes”, “seeks”, “may”, “will” , “should”, “future”, “propose” and variations of these words or similar expressions (or negative versions of these words or expressions) are intended to identify forward-looking statements. Such forward-looking statements, including, without limited to, express or implied statements regarding Romeo Power’s ability to develop or sell new products, or seek customers in new products or geographic markets, Romeo Power’s expectations regarding its future financial performance, the demand for safety, efficient, affordable, and durable electrical products, Romeo Power’s ability to produce and deliver such products on a commercial scale, and Romeo Power’s expectations that its customers will meet contractual purchase commitments within time currently anticipated are not guarantees of performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of Romeo’s management. Power, which could cause actual results to differ materially from those discussed in the forward-looking statements. Important factors, among others, that could affect actual results or results include: Romeo Power’s ability to execute its plans to develop and commercialize new products and the timing of such development programs; Romeo Power’s ability to increase the scale and capacity of its manufacturing processes; Romeo Power’s estimates of the size of 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 and ability to obtain additional capital; the performance of Romeo Power’s products and customers; potential litigation involving Romeo Power; battery cell demand and supply shortages; the potential effects of COVID-19; and general economic and market conditions affecting 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 if 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 place 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.