US-based automotive industry components and parts supplier BorgWarner is to enter the batteries market under a joint venture with California energy storage start-up Romeo Power.
BorgWarner will be the majority partner in the 60-40 joint venture— also taking a 20% equity stake in Romeo and two seats on that company’s board.
California energy storage start-up Romeo Power has completed construction of a 113,000 square-foot lithium-ion battery pack manufacturing facility in Los Angeles.
The announcement comes three months after Romeo— which boasts a workforce including “top engineers and designers” from business rivals Tesla— secured $30 million in seed financing.
California energy storage start-up Romeo Power— which boasts a workforce including “top engineers and designers” from business rivals Tesla— has secured $30 million in seed financing.
Romeo said on 24 August it was now pushing ahead with the installation of a fully-automated 113,000 square-foot manufacturing facility in Los Angeles that is set to be ready by the year’s end.
