Romeo Power Closes $30 Million Seed Financing; Ramps Battery Pack Production for EVs and Stationary Storage

Romeo Power, the energy storage technology company founded by top
engineers and designers from SpaceX, Tesla, Apple, Amazon and Samsung,
today announced $30 million in seed financing. The announcement comes as
Romeo Power finalizes the installation of a fully automated 113,000
square-foot manufacturing facility near downtown Los Angeles, and ramps
production of its lithium-ion battery packs for electric vehicle (EV)
and stationary storage applications.

Romeo Power’s modular battery packs – comprised of cylindrical
lithium-ion cells – can be used in cars, power sport vehicles,
motorcycles, trucks, buses, and forklifts. Using the same advanced
battery pack design, the company’s stationary energy storage for
businesses, PowerStack™, harvests and stores electricity from the grid
during off-peak hours for energy arbitrage, cost savings and use during
peak times or outages.

Since Romeo Power kicked off sales in 2017, the company has seen $65
million in initial orders scheduled for delivery in 2018. Current
contracts and design agreements for the company span U.S. and European
automakers, manufacturers of motorcycles and forklifts, industrial
players such as Power Designers, robotics companies including Robotic
Assistance Devices, and more.

“We’ve seen incredible momentum in a short period, and we’re scaling
manufacturing as fast as we can to meet demand,” said Michael Patterson,
Romeo Power founder, and CEO. “There’s a massive market opportunity for
energy storage technologies.”

The EV market alone is expected to reach $32 billion by 2020. And recent
government mandates around the world to eliminate gas cars are
accelerating demand for advanced lithium-ion battery packs that can
deliver more energy, range, faster charge times, smaller footprints and
exceed current safety standards.

“Romeo Power’s pack technology platform delivers on all of these
requirements better than any other battery pack available today,” said
Patterson.

The Romeo Power Technology Platform

Romeo Power’s team of engineers is led by company Co-founder and Chief
Technology Officer Porter Harris, who developed the battery technology
powering SpaceX’s F9 rocket and Dragon spacecraft.

Building on technologies developed for aerospace, Harris and his team
has created a technology platform that exceeds performance in three core
areas:

• Highest Energy Density: The Romeo Power technology offers the highest
  energy density by 25 percent, providing dramatically increased range.
• Fastest Charge Times: With the highest thermal performance, the
  technology is optimized for the fastest charge times, decreasing
  standard battery charge times by 15 percent to 30 percent.
• Superior Safety: All designs are built with inherent thermal runaway
  mitigation and feature multiple fault-tolerant software and hardware
  to protect against cross cell propagation.

“We’ve applied technologies developed for applications in space and
aerospace, and we’ve improved upon them to create products that break
new ground for EVs and stationary energy storage,” said Harris.

All Romeo Power products include an advanced battery management system
based on control-oriented, physico-chemical models. Combined with the
company’s innovations in thermal engineering, manufacturing processes,
and materials, Romeo Power products have smaller space requirements than
any other batteries on the market and offer enhanced state-of-charge
(SOC) and state-of-health (SOH) monitoring.

State-of-the-Art Manufacturing Facility

The company’s fully automated 113,000 square-foot manufacturing facility
is on track to be complete by the end of the year. Romeo Power designs,
engineers, tests, and produces all of its lithium-ion battery packs
on-site, and the facility features the only research and development and
testing lab on the West Coast. The battery packs are designed and
optimized based on specific power and energy density needs, ranging in
size from 1 kWh to 1 MWh. Romeo Power will be at 1 GWh of capacity on a
single shift by the end of 2017 and will quadruple its capacity in 2018
to 4 GWh per shift.

About Romeo Power

Romeo Power makes the most powerful and energy-dense battery packs in
the world. Top engineers and designers from SpaceX, Tesla, Samsung,
Apple, and Amazon started Romeo Power in 2015 with the belief that safe
and reliable energy is crucial to the advancement of human health and
economic development. Today, the energy storage technology company leads
the charge in battery pack innovation, safety and reliability for
vehicles and stationary storage. For more information go to https://romeopower.com.

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