Charged EVs | Nikola acquires Romeo Energy to convey battery pack manufacturing in-house
Colourful electrical truck startup Nikola Motor (NASDAQ: NKLA) will purchase power storage specialist Romeo Energy (NYSE: RMO) in an all-stock transaction. The deal values Romeo’s fairness at roughly $144 million.
Headquartered in Cypress, California, Romeo is targeted on designing and manufacturing battery modules and packs for industrial automobiles. As Romeo’s largest buyer, Nikola expects the acquisition will permit for vital operational enchancment and value discount in battery pack manufacturing.
“Romeo has been a valued provider to Nikola, and we’re excited to additional leverage their technological capabilities because the panorama for car electrification grows extra refined,” stated Nikola CEO Mark Russell. “With management over the important battery pack applied sciences and manufacturing course of, we consider we can speed up the event of our electrification platform and higher serve our prospects.”
“Nikola has been a cornerstone of our improvement and development, and it is a pure evolution of our relationship,” stated Romeo Energy Board Chairman Robert Mancini. “Our merchandise present vital power density vital to heavy-duty automobiles, mixed with security efficiency and battery administration software program.”
Supply: Nikola Motor