Romeo Power enters long-term supply agreement with LG Energy Solution for 8GWh of Li-ion cells through 2028
Romeo Power, a developer of electrification solutions for complex commercial vehicle applications, has entered into a long-term supply agreement for lithium-ion battery cells with LG Energy Solution, Ltd., a Tier 1 battery cell and materials manufacturer.
Under the agreement, LG Energy has committed to supplying cells to Romeo Power that equal 8 GWh of energy through 2028. Romeo Power expects to use the allocated cells to manufacture battery packs for approximately 29,000 electric vehicles sold or operated by its customers.
Romeo Power will facilitate LG Energy’s build of an additional assembly line in Ochang, Korea through a recoupable pre-payment of $64.7 million. The agreement was approved by both Boards of Directors and became effective on 10 August 2021.
Romeo Power’s suite of advanced hardware, combined with its innovative battery management system, delivers safety, performance, reliability and configurability. Romeo Power’s 113,000 square-foot manufacturing facility brings its flexible design and development process inhouse to pack what it says are the most energy-dense modules on the market.