How electric-vehicle battery maker Romeo Systems will go public

Romeo Systems Inc., a battery maker for electric vehicles, will go public through a merger with special-purpose acquisition company RMG Acquisition Corp. in a $1.33 billion deal, the companies said Monday.

The deal is expected to raise $384 million for Romeo, which includes an investment of $150 million from investors such as The Heritage Group and Republic Services.

Romeo will use the proceeds for capacity expansion and R&D to further develop battery system technologies for commercial vehicles, according to a statement.

Supplier BorgWarner made a $50 million investment in Romeo in May 2019 and the two companies established a joint venture.

“BorgWarner congratulates Romeo Power on the achievement of this important milestone”, said Frédéric Lissalde, CEO of BorgWarner, in a statement. “We look forward to continuing to work with Romeo Power on the expansion of their business and the global growth of the BorgWarner and Romeo Power joint venture.”

Be the first to comment

Leave a Reply

Your email address will not be published.