December 10, 2023

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The Ultimate Driving Machines

How electric-vehicle battery maker Romeo Systems will go public

Romeo Devices Inc., a battery maker for electrical motor vehicles, will go public via a merger with particular-reason acquisition corporation RMG Acquisition Corp. in a $one.33 billion deal, the providers claimed Monday.

The deal is predicted to elevate $384 million for Romeo, which involves an expense of $one hundred fifty million from traders these types of as The Heritage Team and Republic Expert services.

Romeo will use the proceeds for ability enlargement and R&D to even more develop battery procedure systems for business motor vehicles, in accordance to a assertion.

Supplier BorgWarner designed a $fifty million expense in Romeo in Might 2019 and the two providers set up a joint enterprise.

“BorgWarner congratulates Romeo Electric power on the accomplishment of this significant milestone”, claimed Frédéric Lissalde, CEO of BorgWarner, in a assertion. “We look ahead to continuing to do the job with Romeo Electric power on the enlargement of their enterprise and the world-wide advancement of the BorgWarner and Romeo Electric power joint enterprise.”