Nikola has taken over battery pack specialisat Romeo Power as the players in the carbon zero commercial vehicle and infrastructure sector continue to seek long-term business efficiencies. Romeo is an energy storage technology company based in Cypress, California specialising in designing and manufacturing lithium-ion battery modules and packs for commercial vehicles. Nikola, as Romeo’s largest customer, expects the acquisition to result in significant operational improvements and cost savings in battery pack production.
“Romeo has been a valued supplier to Nikola, and we are excited to further leverage their technological capabilities as the landscape for vehicle electrification grows more sophisticated. With control over the essential battery pack technologies and manufacturing process, we believe we will be able to accelerate the development of our electrification platform and better serve our customers,” said Mark Russell, Nikola’s Chief Executive Officer. “Given our strong relationship with Romeo and ongoing collaboration, we are confident in our ability to successfully integrate and deliver the many expected strategic and financial benefits of this acquisition. We look forward to creating a zero-emissions future together.”
“As Romeo’s largest customer, Nikola has been a cornerstone of our development and growth, and this is a natural evolution of our relationship. Our products provide critical energy density important to heavy-duty vehicles, combined with safety performance and battery management software. Following an extensive review of alternatives, we firmly believe that this combination offers the best opportunity for Romeo shareholders to participate in the ongoing value creation at a larger scale, stronger combined company. It is exciting to see Romeo joining the Nikola family.” added, Robert Mancini, Romeo Power’s Chairman of the Board of Directors.