Romeo Power Inc. (RMO) shares rose 6.81% in pre-market trading to $7.37 at the last check. At $6.90, the RMO stock closed up 0.4% or $0.03 last session. As of the close of trading on Thursday, RMO stock price fluctuated between $6.74 and $6.96. RMO stock traded for 2.21 million shares on the day, less than its 50-day daily volume of 3.26 million and lower than its Year to date volume of 6.78 million.
The price for RMO stock has gone up by 0.58% in the last week and by -32.72% over the past 12 months. A total of -61.04% has been lost by the RMO stock over the last six months, and it has increased by 4.39% over the last three months. So far this year, the RMO stock has lost 69.32 percent. In addition, the price to earnings ratio for RMO is 12.64. As a result of news of a long-term supply agreement, RMO stock has increased.
Who did RMO Stock sign the agreement with?
Romeo Power is an energy solutions leader delivering advanced electrification solutions for complex commercial vehicle applications. Started in 2016 and headquartered in Los Angeles, California, RMO is an innovator in energy technology. RMO’s advanced hardware, coupled with its innovative battery management system, offers its customers the performance, safety, and reliability they require to succeed. A manufacturing facility of 113,000 square feet allows RMO to manufacture the most energy dense modules available on the market with its own design and development teams.
A long-term supply contract was entered into by Romeo Power and LG Energy Solution, Ltd. (“LG Energy”), one of the world’s leading suppliers of lithium-ion batteries. LG Energy has agreed to supply RMO with cells in excess of 8GWh through 2028, as part of the long-term supply agreement. The allocated cells will be used by RMO to manufacture battery packs for approximately 29,000 electric vehicles sold or operated by its customers. With a recoupable prepayment of $64.7 million, RMO will enable LG Energy to build a second assembly line in Ochang, Korea. Both Boards of Directors approved the agreement, which became effective August 10, 2021.
Leadership changes:
Romeo Power (RMO) announced in early August that Susan Brennan had been appointed President and CEO. With more than 30 years of global leadership experience in the automotive and energy industries, Ms. Brennan brings extensive expertise to her new role. Her most recent role was Chief Operating Officer of Bloom Energy Corporation (“Bloom Energy”), an innovative energy solutions business focused on decarbonization and environmental preservation.
Lauren Brennan succeeds Lionel Selwood, Jr., who is leaving the Romeo Power (RMO) and its Board to pursue other opportunities. RMO will have the services of Mr. Selwood as an adviser and consultant to ensure a smooth transition of leadership.
