Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO), an energy technology leader delivering large-scale electrification solutions for complex commercial applications, today announced its preliminary financial results for the fourth quarter and full year ended December 31, 2020.
Fourth Quarter and Full Year 2020 Business Highlights
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Completed business combination with RMG Acquisition Corp. and related PIPE financing, providing an additional $346 million in net proceeds to fund future growth
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Signed a multi-year, $234 million agreement with Lion Electric to supply battery modules and packs for Lion’s fleet of electric commercial vehicles
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Generated revenues of $9.0 million for the full-year 2020
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Cash or cash equivalents as of December 31, 2020 of $292.4 million
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Cash paid for capital expenditures for the year ended December 31, 2020 of $1.3 million
Recent Business Updates
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Signed an MOU with Ecellix to create advanced electrification solutions by combining Ecellix’s ultra-high capacity eCell technology with Romeo Power’s battery packs, modules and battery management system
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Announced a strategic alliance with Republic Services to collaborate on the development of Romeo Power’s battery technology for use in Republic’s electric garbage trucks
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Launched a commercial fleet electrification program with Heritage Environmental Services through which Romeo Power expects to electrify 500 Heritage trucks between 2022 and 2025
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As global demand for raw materials outpaces supply, Romeo Power is subject to a significant shortfall in cell capacity industrywide, and now expects its revenue for 2021 to be in the range of $18-40 million
Management Commentary
“Last year was a pivotal year for Romeo Power, as we completed our merger with RMG Acquisition Corp. in December, strengthened our balance sheet with more than $346 million of new capital and became a public company,” commented Lionel Selwood, Jr., Chief Executive Officer of Romeo Power. “Our team continued to enhance our leading edge battery technology to a point of commercialization, evolving Romeo Power from a late-stage innovator to a commercial enterprise with significant capital inflows. Our achievements over the past year have demonstrated that our highly configurable Hermes module and sophisticated battery pack and battery management systems are the optimal solution for customers that are highly focused on safety, shortened charge times, increasing energy density and range, while maximizing profit per mile, and we are pleased with the commercial engagements signed to date.
Our public listing has raised Romeo Power’s profile and afforded us the resources to continue investing in our business as we methodically establish long-term, multi-year partnerships in the commercial vehicle sector. A notable win in the fourth quarter was our multi-year, $234 million production contract with Lion…
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