Romeo Power Announces Completion of Second Phase of Relocation to New Manufacturing Facility in Orange County, California
June 28 2022 - 9:11AM
Business Wire
Romeo Advances Transition to Cypress Facility,
Supporting Increased Operational Efficiency, Production Scaling and
Growth Trajectory
Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO),
an energy technology leader delivering advanced electrification
solutions for complex commercial vehicle applications, today
announced the completion of the second phase of its relocation to a
new state-of-the-art headquarters and manufacturing facility
located in Cypress, California.
The Company has successfully moved all three of its production
lines to its new Orange County facility and is now manufacturing
and shipping packs to customers from Cypress. The Company will
continue to operate Lab and Engineering services out of its Vernon,
California site for the next several weeks.
“The new era of Romeo Power’s growth continues with the second
phase of relocation to our state-of-the-art production facility and
headquarters in Orange County,” said Romeo Power Chief Executive
Officer Susan Brennan. “The successful relocation of all three
production lines to Cypress, coupled with Lab and Engineering
operations taking place in Vernon, allow us to continue
manufacturing and delivering the highest quality products for our
valued customers while we complete the final phase of the
transition to our new facility.”
Romeo’s new 215,000 square-foot manufacturing operation in
Cypress will support the Company’s growth and expansion while
enhancing throughput, quality and cost-effectiveness. It also
offers proximity to Los Angeles, a thriving business corridor and a
diverse workforce. A total of 24,000 square feet of office space
will allow for continued organizational investment in scientific,
engineering and other support resources, with 191,000 square feet
of factory space dedicated to pack assembly and state-of-the-art
automated module manufacturing that will produce twice the capacity
of the existing lines and multiple engineering laboratories that
support product testing and validation.
"Our new facility validates our products, people and potential
and ensures that Romeo Power is positioned to continue innovating,
building and delivering advanced electrification solutions for
commercial vehicles now and in the future," Brennan said.
Completion of the third and final phase of the Company’s move
from Vernon to Cypress is scheduled to occur in the third quarter
of 2022.
About Romeo Power
Founded in 2016 and headquartered in Los Angeles, California,
Romeo Power (NYSE: RMO) is an energy technology leader delivering
advanced electrification solutions for complex commercial vehicle
applications. The Company’s suite of advanced battery electric
products, combined with its innovative battery management system,
delivers the safety, performance, reliability and configurability
its customers need to succeed. To keep up with everything Romeo
Power, please follow the Company on social media @romeopowerinc or
visit romeopower.com.
Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995. When used in this press release, the
words "estimates," "projected," "expects," "anticipates,"
"forecasts," "plans," "intends," "believes," "seeks," "may,"
"will," "should," "future," "propose" and variations of these words
or similar expressions (or the negative versions of such words or
expressions) are intended to identify forward-looking statements.
These forward-looking statements, including, without limitation,
express or implied statements concerning Romeo Power’s ability to
develop or sell new products, or to pursue customers in new product
or geographic markets, Romeo Power’s expectations regarding its
future financial performance, the demand for safe, effective,
affordable and sustainable EV products, Romeo Power’s ability to
produce and deliver such products on a commercial scale, and Romeo
Power’s expectations that its customers will adhere to contracted
purchase commitments on the currently expected timeframe are not
guarantees of future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
Romeo Power’s management’s control, that could cause actual results
or outcomes to differ materially from those discussed in the
forward-looking statements. Important factors, among others, that
may affect actual results or outcomes include: Romeo Power’s
ability to execute on its plans to develop and market new products
and the timing of these development programs; Romeo Power’s ability
to increase the scale and capacity of its manufacturing processes;
Romeo Power’s estimates of the size of the markets for its
products; the rate and degree of market acceptance of Romeo Power’s
products; the success of other competing technologies that may
become available; Romeo Power’s ability to identify and integrate
acquisitions; Romeo Power’s potential need for and ability to
secure additional capital; the performance of Romeo Power’s
products and customers; potential litigation involving Romeo Power;
demand for battery cells and supply shortages; the potential
effects of COVID-19; and general economic and market conditions
impacting demand for Romeo Power’s products. You should carefully
consider the foregoing factors and the other risks and
uncertainties described in the Company’s filings with the SEC. If
any of these risks materialize or our assumptions prove incorrect,
actual results could differ materially from those implied by our
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Romeo Power
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
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Romeo Power Inc. For Investors: Joe Caminiti or Ashley
Gruenberg Alpha IR Group RMO@alpha-ir.com 312-445-2870
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