Electric vehicle battery maker Romeo Systems Inc., also known as Romeo Power Technology, raised $88 million in a funding round, according to a May 20 filing with the Securities and Exchange Commission.
The Vernon-based company supplies energy-efficient battery packs to car, motorcycle, truck, bus and forklift manufactures.
The three-year-old company, headed by Michael Patterson, uses lithium-ion technology to boost the energy efficiency of its battery packs and liquid coolant to keep the battery packs from overheating. It’s also developed thermal engineering that boosts charging efficiency.
It opened an 113,000-square-foot automated manufacturing facility in Vernon in 2017.
With the new funding, the company has raised $118 million. According to the SEC filing, $11.5 million of the funding will go to eight executives.
A representative from the company was unavailable.
Manufacturing, retail and trade reporter Rachel Uranga can be reached at firstname.lastname@example.org or (323) 549-5225 ext. 251. Follow her on Twitter @racheluranga
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