Romeo Power

Romeo Power is a lithium-ion battery manufacturer specializing in commercial EV batteries. The company was founded by a team of ex-Tesla and SpaceX engineers. Romeo’s key customers include heavy-duty EV companies such as Nikola Motors, Phoenix Motorcars, Lightning System, and Lion Buses.

Romeo Power operates a 113,000 sq ft manufacturing facility in California. The company has also leased a 215,000 sq ft headquarters and a manufacturing facility in Cypress, California, and the transition is expected to be completed in 2022. Romeo Power’s battery technology is not significantly different from other lithium-ion battery makers, but the company states that it has the highest energy density among the current-generation of EV batteries.

Funding and financials

In October 2022, Nikola Motor Company acquired Romeo Power for USD 144 million, which gives the company control over parts of its supply chain in relation to battery pack engineering and production. However, in July 2023, Nikola announced plans to liquidate the assets of battery manufacturer Romeo Power due to increase in costs from unforeseen expenses associated with the materials used in Romeo's battery packs.

Romeo Power was listed on the NYSE through a SPAC merger in December 2020. The deal raised USD 384 million at a valuation of USD 1.3 billion. The proceeds were to be used to finance Romeo’s growth and R&D efforts.