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

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  • Romeo Power Inc 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.
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