Romeo Systems, Inc. (NYSE: RMG) reported a definitive agreement that will result in Romeo Power becoming a publicly listed company. When the transaction closes, the combined entity will be named Romeo Power, Inc. and will remain listed on the NYSE and trade under the new ticker symbol “RMO”. Romeo power is an energy technology company that focuses on design and manufacturing of lithium-ion battery modules and packs for electric vehicles.
Lionel Selwood Jr., Chief Executive Officer of Romeo Power, commented, “We are thrilled to announce this transaction with RMG, as it allows us to further expand our business and to continue innovating and developing new products. Romeo Power’s proprietary battery systems and patented technologies that we have developed over the last four years deliver differentiated energy density, safety, efficiency and cost savings. The need for an economically viable shift toward greener methods of transportation is evident, and we look forward to playing a critical role in the electrification of commercial vehicles globally.”
Robert Mancini, Chief Executive Officer of RMG, added, “Since our IPO in early 2019, we have evaluated nearly 150 investment opportunities in search of a company with an industry-leading disruptive technology in the industrial or energy sector. Romeo Power stood out as a differentiated leading battery technology company for commercial electric vehicles, a sector that we think is at an inflection point and poised for unprecedented growth.”
The valuation of the new entity will be USD 1.33 Billion. Board of directors of both entities have approved the proposed transaction.