Romeo Power Stock Gains On Long-Term Supply Agreement With LG Energy Solution

Romeo Power Inc (NYSE:RMO) has entered into a long-term supply agreement for lithium-ion battery cells with LG Energy Solution, Ltd.
Under this long-term supply agreement, LG Energy has committed to supplying cells to Romeo Power that equal 8GWh of energy through 2028.
Romeo Power will use the allocated cells to manufacture battery packs for ~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 became effective on August 10, 2021.
Price Action: RMO shares traded higher by 8.26% at $7.47 during the premarket session on Friday.

Benzinga