CEO Mark Russell says the move ensures stable battery pack supplies as Nikola ramps up electric semi-truck production.
to aid production of electric and hydrogen vehicles and incentives for consumers and commercial fleet operators to buy them.
Romeo Power produces heavy-duty battery packs for commercial vehicles at its Cypress, California, headquarters.“If what ends up going into law does include that purchase incentive and the production tax credit for the hydrogen, those are two things that are very strategic to us and to the industry,” Russell said.
Nikola also gets battery packs from Silicon Valley-based electric truck and bus maker Proterra and will continue to do so after the Romeo acquisition, Russell said. It’s adding 400 Romeo employees and the company’s Cypress operations will become Nikola’s Battery Center of Excellence.battery technology developed by former SpaceX and Tesla engineers
, Romeo has struggled to line up additional customers for its heavy-duty battery modules that it claims have better energy density and thermal stability than competing packs. After going public via a SPAC deal in late 2020, Romeo’s stock price has plunged from a high of $22.49 a share on December 1, 2020, to 55 cents at the close of trading on Friday.
Nikola hasn’t fared much better, also experiencing a precipitous drop in market cap triggered by fraud allegations against founder Trevor Milton in September 2020. Federal prosecutors have charged him with lying to investors about Nikola’s technology, and his trial over the matter is currently scheduled to start on September 12. Milton has denied any wrongdoing.
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Nikola Is Buying Struggling Battery Maker Romeo Power For $144 MillionCEO Mark Russell says the move ensures stable battery pack supplies as Nikola ramps up electric semi-truck production.
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Nikola Is Buying Struggling Battery Maker Romeo Power For $144 MillionNikola's CEO says the real motivation behind the $144 million deal, which will ensure stable access to lithium-ion packs, is strategic: 'We're taking control of our battery destiny and bringing this in-house.” Story by alanohnsman:
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Nikola to Acquire Battery-Pack Supplier Romeo Power in $144 Million DealNikola will acquire Romeo Power, a key supplier of battery packs for its trucks, in a $144 million all-stock transaction.
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Nikola Is Buying Struggling Battery Maker Romeo Power For $144 MillionCEO Mark Russell says the move ensures stable battery pack supplies as Nikola ramps up electric semi-truck production.
続きを読む »
Nikola Is Buying Struggling Battery Maker Romeo Power For $144 MillionNikola's CEO says the real motivation behind the $144 million deal, which will ensure stable access to lithium-ion packs, is strategic: 'We're taking control of our battery destiny and bringing this in-house.” Story by alanohnsman:
続きを読む »
Nikola to Acquire Battery-Pack Supplier Romeo Power in $144 Million DealNikola will acquire Romeo Power, a key supplier of battery packs for its trucks, in a $144 million all-stock transaction.
続きを読む »