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Friday, Sep 29, 2023

$30M Charges Up Battery Pack Maker

Romeo Power, a Vernon maker of electric-vehicle battery packs, has closed a $30 million seed financing round, the company said last week.

Romeo said the capital infusion came from its management team and investors who backed founder Michael Patterson’s previous ventures. The company wouldn’t disclose further details.

The announcement comes as 2-year-old Romeo finalizes the installation of a fully automated, 113,000-square-foot facility in Vernon.

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,” he said in a statement. “There’s a massive market opportunity for energy storage technologies.”

Romeo said it had secured $65 million in initial orders for its battery packs, which are scheduled for delivery next year. The contracts and design agreements include deals with automakers, manufacturers of motorcycles and forklifts, and other industrial players across the United States and Europe.

– Shwanika Narayan

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