Romeo Power, Inc. (NYSE: RMO) is engaged as an energy technology company, which is focused on providing advanced electrification solutions for commercial vehicles. Shares of the battery technology company are rallying 20% through early trading on Wednesday, March 30, 2022. Over the past three months, Romeo Power has seen average daily volume of 5.88 million shares. However, volume of 14.65 million shares or dollar volume of around $23.88 million, has already exchanged hands through early trading.
Shares of Romeo Power are gaining after the company announced that it has shipped its first production of pedigree packs to a customer that manufactures electric heavy-duty commercial vehicles. The shipment marks an important moment for Romeo Power, after successfully developing the custom pack using the company’s off-the-shelf modules and battery technology system.
The 80 kWh pedigree packs were originally prototyped and built at Romeo Power’s 112,000 sq. ft. factory located in Vernon, California. With a successful shipment under its belt, the company announced it will continue to expand production of its pedigree packs in its new Cypress factory. The new facility is estimated to begin production in the months ahead. The company says they will begin transitioning its production operations from Vernon to Cypress sometime during the third quarter 2022.
“Romeo has just achieved a major milestone, not only for ourselves, but for zero-emissions commercial transportation as a whole. Our energy-dense batteries now power fully electric heavy-duty vehicles that are expected to travel up to 350 miles on a single charge,” said Susan Brennan, Romeo’s Chief Executive Officer. “It’s thrilling to see our battery technology enable this important step in electrification.”
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