Romeo Power Gets $4 Million to Scale EV Battery Production
Romeo Power Technology, focused on sustainable power systems for electric vehicles (EVs), announced a $4 million investment from HG Ventures. Romeo has developed a proprietary, multi-faceted suite of energy storage technologies for lithium-ion battery development, packaging and deployment.
Romeo's products are aimed at disrupting the global sustainable energy storage market and extending the capabilities of EVs, while improving the overall safety and reliability profiles of lithium-ion batteries.
This investment follows the announcement in May of this year that BorgWarner agreed to form a joint venture with Romeo. This new joint venture will be a 60/40 split with BorgWarner obtaining the larger share. Under the terms of the joint venture agreement, BorgWarner also took a 20% equity share of Romeo and two seats on its board.
Romeo was founded in 2015 by a group of engineers from SpaceX, Tesla, and Samsung on a mission to advance energy technology. Romeo's power management innovations have enabled multiple joint development agreements with manufacturing partners from around the world, including a joint venture with BorgWarner for hybrid and electric vehicle propulsion funded from proceeds of this round.
"We are excited to partner with HG Ventures as we gear up to bring Romeo's game-changing technologies to the market," said Michael Patterson, Co-founder and CEO of Romeo. "HG Ventures brings a level of technical sophistication and materials science expertise that is uncommon in the venture world. We look forward to deepening our relationship with both its investment professionals and its technical experts."
"Romeo has become an industry-leading battery module and pack supplier, and we look forward to helping the company accelerate its growth," said John Glushik, Managing Partner of HG Ventures and VP of HG Ventures' parent company, The Heritage Group. "The investment in Romeo exemplifies HG Ventures' commitment to investing in emerging companies commercializing advanced material technologies."