Romeo Power signs long-term supply agreement with LG energy solution to provide lithium-ion battery cells through 2028.
Romeo Power, Inc. (“Romeo Power”) (NYSE:RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, has entered into a long-term supply agreement for lithium-ion battery cells with LG Energy Solution, Ltd. (“LG Energy”), a Tier 1 battery cell and materials manufacturer.
Under the long-term supply agreement, LG Energy has committed to supplying cells to Romeo Power that equal 8GWh of energy through 2028. Romeo Power expects to use the allocated cells to manufacture battery packs for approximately 29,000 electric vehicles sold or operated by its customers.
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Romeo Power will facilitate LG Energy’s build of an additional assembly line in Ochang, Korea through a recoupable pre-payment of $64.7 million. The agreement was approved by both Boards of Directors and became effective on August 10, 2021.
Robert Mancini, Chairman of Romeo Power’s Board of Directors.
With the rapidly increasing demand for battery cells within the e-mobility space, this partnership with LG Energy is a major milestone that puts Romeo Power in a strong position to support our current and future customers.
“The high energy density, quality and impressive power output of LG Energy’s cells make them the perfect match for Romeo Power’s range of high-performance battery-electric solutions for complex commercial applications.”
About Romeo Power
Founded in 2016 and headquartered in Los Angeles, California, Romeo Power (NYSE:RMO) is an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications.
The company’s suite of advanced hardware, combined with its innovative battery management system, delivers the safety, performance, reliability and configurability its customers need to succeed. Romeo Power’s 113,000 square-foot manufacturing facility brings its flexible design and development process inhouse to pack the most energy dense modules on the market.
Romeo Power Signs Long-Term Supply Agreement With LG Energy Solution to Provide Lithium-Ion Battery Cells Through 2028, August 13, 2021