Battery start-up closes $30m funding round as it installs LA manufacturing hub

Published on: August 31, 2017 9:32 amBy: ESJ

 

California-based battery pack maker Romeo Power announced the completion of $30 million in seed financing on August 24 as the company looks to ramp up production of its lithium-ion packs for motive and stationary applications.

Launched in 2015 by engineers and designers from SpaceX, Tesla, Apple, Amazon and Samsung, Romeo Power is in the finishing stages of installing a fully automated 113,000 square foot manufacturing facility in Los Angeles. This is due for completion by the end of the year.

Aimed at the EV, forklift and stationary market, Romeo claims to be able to make its cylindrical lithium-ion cell packs, which are scalable up to 1MW, 19% smaller and 27% lighter per KWh than rival packs through a redesign of the architecture.

Since Romeo Power began sales in 2017, the company says it has secured $65 million in initial orders from among others US and European automakers and motorcycle and forklift OEMs that are scheduled for delivery in 2018.

Michael Patterson, Romeo Power founder, and CEO, said they are scaling up manufacturing as fast as they could to meet demand.

He said: “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.”

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.

Read More Industry Latest

Analysis and Features

  • EDF and Stornetic begin testing of flywheels for grid-scale service

    Industry

    September 15, 2017 12:57 pm by Jade Beevor

      The performance capabilities of German firm Stornetic’s flywheel technology for short term energy storage services will be tested after the device was delivered to French utility EDF’s facility Concept Grid site in Moret-sur-Loing near Paris earlier this month. The joint-project, announced last November using Stornetic’s DuraStor technology, will assess the performance of flywheels in read more

  • Materials demand to outstrip supply by 2020

    Industry

    September 15, 2017 12:54 pm by Jade Beevor

      A materials shortage is around the corner as the global lithium-ion market attempts to match demand from the energy storage, EV and consumer markets with supply, according to analyst firm Benchmark Minerals. By 2020, benchmark analyst Casper Rawles forecasts, demand from the lithium-ion battery sector for all uses will cause a tipping point where read more

  • Varta enters burgeoning UK home ESS market with new partnership

    Industry

    September 15, 2017 12:51 pm by Jade Beevor

      German battery company Varta’s residential energy storage system will be available on the UK and Irish market this autumn after it announced on September 11 the signing of an exclusive collaboration deal with new energy wholesale distribution firm Waxman Energy. VARTA Storage’s lithium-ion Varta Pulse (3.3-6.5kWH) and Element (3.2-13kWh) ESS lines will be added read more

  • AGL sees economic value in long-term grid-scale battery deployment

    Industry

    September 15, 2017 12:46 pm by Jade Beevor

      Large-scale battery storage will be at the heart of future power grids as the decarbonization of electricity gathers pace, the head of Australian utility AGL, Andy Vesey, said following a meeting with the country’s prime minister Malcolm Turnbull on September 11. Vesey said the company doesn’t see coal as being economically viable long term, read more

  • Alfen to supply Czech Republic’s first grid-connected ESS

    Industry

    September 15, 2017 12:42 pm by Jade Beevor

      Dutch energy storage firm Alfen is to deliver a 1 MW system to Czech solar PV company Solar Global to connect storage to its Praksice solar PV farm, the company announced on September 4. When completed this will be the first large scale storage system in the Czech Republic, with Solar Global initially using read more

Read More Analysis and Features

technology feature

Finding the sweet spot for business

After focusing our early efforts on producing lithium ion batteries to serve the power tool market, we built an integration team for the purpose of exploring other areas where their chemistry read more

company profiles

What is SOLARUNITED?

SOLARUNITED is the premiere association supporting and enabling Upstream Solar and energy storage professionals worldwide. read more

//Elsie change ***********************************