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.
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