Romeo Power is a Los Angeles-based developer of lithium-ion battery systems. The company develops lithium-ion batteries and is engaged in a deal tied to fleet electrification. It is in the midst of an acquisition by RMG Acquisition Corp., a special purpose acquisition company that would make Romeo public. Republic Services exercised an option to acquire additional Class A common stock in RMG as part of the funding. Tim Stuart, Chief Operating Officer of Republic Services, will join Romeo Power's board of directors as part of the arrangement. The investment is related to Republic Services' efforts to electrify its fleet of more than 16,000 vehicles; Republic provides recycling and waste disposal services across the United States. Romeo Systems develops sustainable power and energy storage systems for electric vehicles. Founded in 2015 by CEO Michael Patterson, the company has built a proprietary, multi-faceted suite of energy storage technologies for lithium-ion battery development, packaging, and deployment. Its solutions aim to extend EV capabilities while improving lithium-ion battery safety and reliability. Romeo’s power management innovations have enabled multiple joint development agreements with manufacturing partners worldwide. The company intends to use the funding to scale production and enable industry partnerships. Proceeds from this round are funding a joint venture with BorgWarner focused on hybrid and electric vehicle propulsion. Romeo Systems produces lithium-ion battery packs for electric vehicles and industrial equipment, using liquid coolant and thermal-engineering to improve energy efficiency and charging performance. The company supplies packs for cars, motorcycles, trucks, buses and forklifts. It opened an 113,000-square-foot automated manufacturing facility in Vernon in 2017. The firm is led by Michael Patterson and is described in the article as three years old. According to a May 20 SEC filing, Romeo raised $88 million in the reported funding round. With this round the company has raised $118 million in total. The filing also notes that $11.5 million of the funding will go to eight executives. Romeo Power is an L.A.-based, roughly year‑old company that designs and assembles lithium‑ion battery packs it says deliver at least 25% and sometimes up to 200% more energy density than existing packs. The firm buys cells from suppliers such as LG, Sony, and Samsung and focuses on packaging, volumetric density, thermal systems, firmware, and overall battery‑system integration rather than making cells. Leadership includes CEO Mike Patterson (who previously founded and sold companies including InAuth to American Express) and CTO Porter Harris (with prior roles at Faraday Future and SpaceX), and the company employs about 190 people. Romeo operates a 113,000‑square‑foot factory east of downtown Los Angeles and reports converting prototypes and demos into commercial orders. It has booked $65 million in manufacturing contracts with 15 customers, including five automotive companies and two among Detroit’s “big three.” The company has signaled stationary storage as its next frontier.

Total raised

$122M

Funding rounds

4

Latest round

Equity

Latest activity

Aug 2019