California-based EV battery manufacturer, Romeo Systems, Inc., has successfully listed on the New York Stock Exchange (NYSE) following the completion of its business combination with RMG Acquisition Corp. (RMG) (NYSE: RMG), a special purpose acquisition company (SPAC). Romeo Power’s shares of common stock will trade under the ticker symbol “RMO”.
The business combination values Romeo Power at $900 million.
The company designs and produces battery management systems, modules and packs in house at its 113,000 square-foot manufacturing facility in Los Angeles, California.
Lionel Selwood, Jr., Chief Executive Officer of Romeo Power, says: “We are very excited about completing our merger with RMG. At this inflection point where regulation is driving electrification across the commercial vehicle industry and adjacent sectors, Romeo Power’s energy technology is ready to meet the demand.”
Robert Mancini, Chief Executive Officer of RMG, adds: “We spent significant time and evaluated hundreds of companies before selecting Romeo Power for this transaction. Romeo Power’s innovative technology and strong partnerships solidify its position as a market leader, and we look forward to working with them.”
In May 2019, automotive supplier BorgWarner made a $50 million strategic investment in Romeo Power and entered into a joint venture.
The company was founded in 2016 by entrepreneur Michael Patterson. It has approximately 100 employees and more than 60 battery-specific engineers and a 113,000 square foot manufacturing facility in Los Angeles, California