The Vernon-based company released its earnings report Nov. 15 and attributed the revenue increase to product shipments recently launched to its largest customer.
The year-ago period saw revenue of $675,000. The firm’s cash, cash equivalents and investments as of Sept. 30 were at $181 million.
“Romeo Power made meaningful progress during the third quarter,” said Susan Brennan, Romeo’s president and chief executive. “We strengthened manufacturing capabilities to support a key commercial launch and to prepare for the continued revenue growth we expect as market demand for our industry-leading technology increases.”
During the quarter, the company acquired a Cypress-based facility to help with production expansion and test lab capacity. The 215,000-square-foot space will serve as the company’s new headquarters and manufacturing facility. Along with office space, the property has 191,000 square feet of industrial space.
“Our new, state-of-the-art facility in Cypress will not only be the home for our expanded and efficient mass production lines, but it will also provide the capability to run pilot-scale development for new customers and products,” said Brennan. “We will double our lab space, which is critical to providing the range of technical resources necessary to support production, validate customer programs and develop new
In the quarter, Romeo also entered into a collaborative agreement with Loveland, Colo.-based Dynexus Technology Inc., which focuses on in-line battery data for advanced diagnostic and prognostic solutions. Romeo Power also achieved its year-end commitment to have approximately 1 gigawatt hour of installed capacity at its Vernon facility.
Romeo was founded in 2016 to make electric batteries for medium- and long-haul commercial truck vehicles. The company manufactures lithium-ion batteries at its 113,000-square-foot plant in Vernon.
Brennan, a veteran of the renewable energy and auto industries, was named chief executive and president Aug. 6.
For reprint and licensing requests for this article, CLICK HERE.