Breaking News Romeo Electric Vehicle Battery Official LOI Merger RMG Acquisition Corp.
Romeo Power Technology, Leading Provider of Battery Technology to the Commercial EV Market, to List on NYSE Through Merger With RMG Acquisition Corp.
Romeo Power has entered into a definitive merger agreement with RMG Acquisition Corp. (NYSE: RMG); upon closing, the combined company will remain listed on the New York Stock Exchange under the new ticker symbol "RMO"
Romeo Power raises $384 million through the business combination, including a $150 million fully committed PIPE anchored by institutional investors as well as strategic investors The Heritage Group and Republic Services
Funding provides for capacity expansion and R&D to further develop the next generation of battery system technologies for commercial vehicles
BorgWarner is a strategic investor and joint venture partner of Romeo Power
The Heritage Group is a strategic investor, PIPE participant and recycling partner of Romeo Power
Republic Services is a strategic investor in the PIPE and intends to enter into a strategic alliance with Romeo Power
Pro forma equity value of the combined company is approximately $1.33 billion
Transaction is expected to close in the fourth quarter of 2020
Romeo Systems, Inc. ("Romeo Power"), an energy technology company, and RMG Acquisition Corp. ("RMG") (NYSE: RMG), a special purpose acquisition company, today announced a definitive agreement for a business combination that would result in Romeo Power becoming a publicly listed company. Upon closing of the transaction, the combined company will be named Romeo Power, Inc. and is expected to remain listed on the NYSE and trade under the new ticker symbol "RMO".
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201005005246/en/
Romeo Power is an industry leading energy technology company focused on designing and manufacturing lithium-ion battery modules and packs for commercial electric vehicles. Through its industry leading energy dense battery modules and packs, it enables large-scale sustainable transportation by delivering safe, longer lasting batteries with shorter charge times. The company has completed construction and development of a 7 GWh-capable manufacturing facility in Los Angeles, California, with state of the art manufacturing operations designed and scaled for high growth. Romeo Power’s core product offering serves the battery electric vehicle (BEV) medium duty short haul and heavy duty long haul trucking markets, as well as specialty trucking and buses. As the era of gas-powered vehicles continues to decline, Romeo Power’s mission is to be an industry leader in the electrification of the global transportation industry and to be the commercial electric vehicle energy provider of today and tomorrow.
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