BREAKING: Nikola is buying struggling battery maker Romeo Power for $144 million alanohnsman
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 Dec. 1, 2020 to $0.55 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 Sept. 12. Milton has denied any wrongdoing.
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