{"id":15289,"date":"2022-08-09T15:04:12","date_gmt":"2022-08-09T07:04:12","guid":{"rendered":"https:\/\/battery9999.com\/en\/?p=15289"},"modified":"2022-08-09T15:04:12","modified_gmt":"2022-08-09T07:04:12","slug":"nikola-to-acquire-battery-pack-supplier-romeo-power-in-144-million-deal","status":"publish","type":"post","link":"https:\/\/battery9999.com\/en\/nikola-to-acquire-battery-pack-supplier-romeo-power-in-144-million-deal\/","title":{"rendered":"Nikola to acquire battery pack supplier Romeo Power in $144 million deal"},"content":{"rendered":"<p>MON, AUG 1 2022<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-15287\" src=\"https:\/\/battery9999.com\/wp-content\/uploads\/2022\/08\/220801_nikola_tre_bev-624x289-300x139.jpg\" alt=\"\" width=\"300\" height=\"139\" srcset=\"https:\/\/battery9999.com\/wp-content\/uploads\/2022\/08\/220801_nikola_tre_bev-624x289-300x139.jpg 300w, https:\/\/battery9999.com\/wp-content\/uploads\/2022\/08\/220801_nikola_tre_bev-624x289-450x208.jpg 450w, https:\/\/battery9999.com\/wp-content\/uploads\/2022\/08\/220801_nikola_tre_bev-624x289.jpg 624w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><!--more--><\/p>\n<p>Electric heavy truck maker\u00a0<span id=\"RegularArticle-QuoteInBody-1\" class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\"><button class=\"QuoteInBody-quoteName\" tabindex=\"0\">Nikola<\/button><\/span>\u00a0said Monday that it struck a $144 million deal to acquire\u00a0<span id=\"RegularArticle-QuoteInBody-2\" class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\"><button class=\"QuoteInBody-quoteName\" tabindex=\"0\">battery pack supplier Romeo Power<\/button><\/span>, giving the company control over a key part of its supply chain.<\/p>\n<p>The all-stock transaction values Romeo at 74 cents per share, a 34% premium to Romeo\u2019s closing price Friday. Romeo\u2019s shares closed up about 27% on Monday; Nikola\u2019s closed up nearly 8%.<\/p>\n<p>As part of the deal, Nikola will provide Romeo with $35 million in interim funding to continue its operations until the transaction closes, the companies said. Nikola said it believes the acquisition could save it up to $350 million over the next four years.<\/p>\n<p>California-based Romeo specializes in building battery modules and packs for large electric commercial vehicles, using lithium-ion battery cells manufactured by other companies. Nikola, which began shipping its electric semi-trucks earlier this year and\u00a0<a href=\"https:\/\/www.cnbc.com\/2022\/05\/05\/nikola-nkla-earnings-q1-2022.html\">expects to ship between 300 and 500 trucks in 2022<\/a>, has been Romeo\u2019s largest customer.<\/p>\n<p>Nikola CEO Mark Russell said the deal will let the company accelerate the development of its electrification platform.<\/p>\n<p>\u201cGiven our strong relationship with Romeo and ongoing collaboration, we are confident in our ability to successfully integrate and deliver the many expected strategic and financial benefits of this acquisition,\u201d he said.<\/p>\n<p>The deal is a lifeline for Romeo, which like Nikola is one of many companies in the EV space to have gone public via mergers with special purpose acquisition companies. Romeo went public via a SPAC merger in late 2020, in a deal that valued the combined company at $900 million.<\/p>\n<p>But Romeo had just $66.8 million in cash and equivalents remaining as of the end of the first quarter, after racking up more than $250 million in losses. With its shares trading below $1 in recent weeks, and with interest rates rising, Romeo may have been running out of options to stay afloat.<\/p>\n<p>Nikola has been working to win shareholder approval of a measure to\u00a0<a href=\"https:\/\/www.cnbc.com\/2022\/06\/30\/nikola-shareholder-vote-to-issue-new-stock-seeks-to-outweigh-founder-trevor-milton.html\">increase its total number of shares outstanding<\/a>, a measure that has been\u00a0<a href=\"https:\/\/www.cnbc.com\/2022\/07\/18\/nikola-still-lacks-votes-for-stock-issue-plan-opposed-by-founder-trevor-milton.html\">blocked by its former CEO<\/a>, Trevor Milton, who was ousted following allegations that he misrepresented details of Nikola\u2019s technology and order book to investors. Nikola plans to reconvene its shareholder meeting on Tuesday afternoon to announce the current vote totals.<\/p>\n<p>In a regulatory filing Monday morning, Nikola said it has enough unissued stock to complete the acquisition of Romeo, even if the proposal to increase its shares outstanding fails to pass.<\/p>\n<p>Source:<a href=\"https:\/\/www.cnbc.com\/2022\/08\/01\/nikola-nkla-to-acquire-romeo-power-rmo-.html\">Nikola NKLA to acquire Romeo Power RMO (cnbc.com)<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MON, AUG 1 2022<\/p>\n","protected":false},"author":12,"featured_media":15287,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[113],"tags":[],"class_list":["post-15289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nikola to acquire battery pack supplier Romeo Power in $144 million deal - 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