EV battery pack producer Romeo Methods plans to go public by way of a merger with a particular function acquisition firm (SPAC) known as RMG Acquisition in a $1.33-billion deal, which is anticipated to shut within the fourth quarter of 2020. The mixed firm shall be listed on the NYSE beneath the image RMO.
The transaction is anticipated to lift $384 million for Romeo Methods (aka Romeo Energy Expertise). The corporate plans to make use of the proceeds for capability enlargement and R&D to additional develop battery applied sciences for industrial autos.
Romeo Methods is a five-year-old firm based mostly within the Los Angeles space. It offers batteries, in partnership with Tier 1 provider BorgWarner (which owns 20% of Romeo), primarily to industrial truck producers in North America and Europe.
Romeo has raised $123 million in enterprise funding from BorgWarner, the Heritage Group and others.