Romeo Power, a Vernon, Calif.-based energy storage technology company, raised $30m in seed financing.
The funding comes as Romeo Power finalizes the installation of a fully automated 113,000 square-foot manufacturing facility near downtown Los Angeles, and ramps production of its lithium-ion battery packs for electric vehicle (EV) and stationary storage applications.
Led by Michael Patterson, founder and CEO, and Porter Harris, Co-founder and CTO, Romeo Power has developed a modular battery packs – comprised of cylindrical lithium-ion cells – which can be used in cars, power sport vehicles, motorcycles, trucks, buses, and forklifts. Using the same advanced battery pack design, the company’s stationary energy storage for businesses, PowerStack™, harvests and stores electricity from the grid during off-peak hours for energy arbitrage, cost savings and use during peak times or outages.
Launched in 2017, the company has seen $65m in initial orders scheduled for delivery in 2018. Current contracts and design agreements span U.S. and European automakers, manufacturers of motorcycles and forklifts, industrial players such as Power Designers, robotics companies including Robotic Assistance Devices, and more.