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Romeo Power Closes $30 Million Seed Financing; Ramps Battery Pack Production for EVs and Stationary Storage
VERNON, Calif.–Romeo Power recently closed $30 million in seed financing while working to complete the installation of a fully automated 113,000 square-foot manufacturing facility near downtown Los Angeles. The energy storage technology company, founded by engineers and designers from SpaceX, Tesla, Apple, Amazon, and Samsung, produces lithium-ion battery packs for electric vehicle (EV) and stationary storage applications at the facility.
Romeo Power's modular battery packs–comprised of cylindrical lithium-ion cells–can be used in cars, power sport vehicles, motorcycles, trucks, buses, and forklifts. Using the same advanced battery pack design, the company's stationary energy storage for businesses, PowerStackTM, harvests and stores electricity from the grid during off-peak hours for energy arbitrage, cost savings, and use during peak times or outages.
Romeo Power (https://romeopower.com) reported that since commencing sales in 2017, the company has seen $65 million in initial orders scheduled for delivery in 2018. Current contracts and design agreements for the company are reported to span U.S. and European automakers; manufacturers of motorcycles and forklifts; industrial players, such as Power Designers; and robotics companies, including Robotic Assistance Devices.
"We've seen incredible momentum in a short period, and we're scaling manufacturing as fast as we can to meet demand," said Michael Patterson, Romeo Power founder and CEO, in a press release. "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 deliver more energy and range, faster charge times, smaller footprints, and exceed current safety standards.
"Romeo Power's pack technology platform delivers on all of these requirements better than any other battery pack available today," said Patterson.
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.
Building on technologies developed for aerospace, Harris and his team have created a technology platform that exceeds performance in three core areas: energy density, faster charging times, and superior safety. Romeo says its batteries are 25 percent denser than the competition and offer increased range. They decrease charging time by 15 to 30 percent and they include inherent thermal runaway protection, plus multiple fault-tolerant software and hardware to increase safety.
"We've applied technologies developed for applications in space and aerospace, and we've improved upon them to create products that break new ground for EVs and stationary energy storage," said Harris.
All Romeo Power products include an advanced battery management system based on control-oriented, physico-chemical models. Combined with the company's innovations in thermal engineering, manufacturing processes, and materials, Romeo Power products are reported to have smaller space requirements than any other batteries on the market and offer enhanced state-of-charge (SOC) and state-of-health (SOH) monitoring.
The company's fully automated 113,000 square-foot manufacturing facility is on track to be complete by the end of the year. Romeo Power designs, engineers, tests, and produces all of its lithium-ion battery packs at the facility, which is said to have the only research and development and testing lab on the West Coast. The battery packs are designed and optimized based on specific power and energy density needs, ranging in size from 1 kWh to 1 MWh. Romeo Power expects to be at 1 GWh of capacity on a single shift by the end of 2017 and will quadruple its capacity in 2018 to 4 GWh per shift, the company said.
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