Electric vehicle battery pack maker Romeo Power has closed a $30 million seed financing round, the company said Thursday.
The Vernon firm said the capital infusion came from its management team and investors who backed founder Michael Patterson’s previous ventures. The company declined to disclose further details.
The announcement comes as 2-year-old Romeo Power finalizes the installation of a fully-automated, 113,000-square-foot facility in Vernon.
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Patterson said the investment would help the company scale up production.
“We’ve seen incredible momentum in a short period, and we’re scaling manufacturing as fast as we can to meet demand,” Patterson said in a statement. “There’s a massive market opportunity for energy storage technologies.”
The company said it had secured $65 million in initial orders for its battery packs, which are scheduled for delivery in 2018. The contracts and design agreements include deals with automakers, manufacturers of motorcycles and forklifts, and other industrial players across the United States and Europe.
Manufacturing and trade reporter Shwanika Narayan can be reached at firstname.lastname@example.org. Follow her on Twitter @shwanika.