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.”