LOS ANGELES–(COMMERCIAL THREAD) – Romeo Power, Inc. (“Romeo Power”) (NYSE: RMO), an energy technology leader providing advanced electrification solutions for complex commercial vehicle applications, leased a new, state-of-the-art Class A headquarters and manufacturing facility located in Cypress, California. The facility will support Romeo Power’s expansion of battery development and testing capabilities adjacent to its production line, enabling faster innovation and time to market.
The modern 215,000 square foot facility includes 191,000 square feet of industrial space that will be designed to double critical laboratory and testing capacity. Extended manufacturing capabilities will improve throughput, quality and cost efficiency. The significantly increased office space will also allow for continued organizational investment in scientific, engineering and other supporting resources that drive growth. The transition to the new facility is currently expected to begin in the near future and is expected to be completed within the next 6-9 months.
âThe development of this new facility is an important milestone for Romeo Power and provides an essential foundation as we continue to improve our advanced technology and scale to meet the growing needs of our customers for our products,â said the President and chief Executive Officer. , Susan Brennan.
Brennan continued, âSince the inception of the company, Romeo Power has been committed to meeting the ever-changing needs of the electrification market and demand continues to grow. Safety, improved performance and optimum value for BEV owners and fleet managers are an expectation of our customers and continuing to provide new and innovative solutions is what sets Romeo Power apart. Growth in orders requires a new space optimization strategy, and we are grateful that we have found an ideal location to meet our expected growth trajectory. ”
Romeo Power develops batteries and battery management systems for battery electric vehicle (BEV) manufacturers requiring the highest energy density and longest ranges, resulting in the lowest total cost of ownership for vehicle owners and fleet managers. Romeo Power’s efficient and highly adaptable battery solutions are designed to enable BEV owners to safely and cost-effectively eliminate negative emissions so they can meet evolving environmental regulations in the United States and the United States. foreigner. Since its inception, Romeo Power has gained customers among leading commercial BEV manufacturers and fleet managers based on industry-leading safety and energy density technology, end-use scalability and a unique integrated energy management intelligence optimizing charge time, mileage and battery life. This premium combination of product features translates into higher vehicle and fleet uptime, improved earnings per kilometer, and maximum return on battery investment for vehicle owners and fleet managers. The electric vehicle industry has reached a critical inflection point and demand for affordable high density battery solutions is at an all time high.
About Romeo Power
Founded in 2016 and headquartered 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 industry-leading hardware suite, combined with its innovative battery management system, provides the security, performance, reliability and configurability its customers need to be successful. To follow all of Romeo Power, please follow the company on social media @romeopowerinc or visit romeopower.com.
Notice Regarding Forward-Looking Statements
Certain statements contained in this press release may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of management. These statements include, but are not limited to, statements relating to Romeo Power’s business and its future, including the timing of its transition to the new facility, Romeo Power’s ability to improve throughput, quality and profitability. from its products to the new installation, the demand for high density battery solutions and any statement relating to the intention, belief, plans or expectations of Romeo Power or its management, or which are not a statement of fact historical. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors that could cause the results to be actual or results differ materially from those discussed in the forward-looking statements. forward-looking statements. For a discussion of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as the risks associated with Romeo Power’s business in general, see the risk information in the report. Romeo Power’s Annual Report on Form 10 -K for the fiscal year ended December 31, 2020, and in other filings with the SEC by Romeo Power. Forward-looking statements speak only as of the date on which they are made, and Romeo Power assumes no obligation to update or revise forward-looking statements, whether as a result of new information, future events. or otherwise, except as required by law.