Battery packs maker Romeo Power secures USD 30m in financing
Source: Romeo Power
US energy storage technology company Romeo Power has obtained some USD 30 million (EUR 25.4m) in seed financing, while concluding the installation of a fully-automated manufacturing facility.
The California-based company, which was founded by engineers and designers from SpaceX, Tesla, Apple, Amazon and Samsung, provides lithium-ion battery packs for electric vehicle (EV) and stationary energy storage applications, including for storing electricity from the grid during off-peak hours. It claims that its technology offers the highest energy density and fastest charge times.
Romeo Power is currently working to complete a 113,000-sq-ft (10,500 sq m) manufacturing plant near downtown Los Angeles by the end of the year. That facility includes the only research and development and testing lab on the West Coast, it said.
“We’ve seen incredible momentum in a short period, and we’re scaling manufacturing as fast as we can to meet demand,” stated Michael Patterson, Romeo Power founder and CEO.
Romeo Power, which makes battery packs ranging in size from 1 kWh to 1 MWh, commenced sales earlier this year and has since booked some USD 65 million in initial orders, scheduled for delivery next year. The company’s goal is to be at 1 GWh of capacity on a single shift by the end of 2017. It plans to quadruple its capacity in 2018 to 4 GWh per shift.