\nRomeo Systems, Inc. (\u201cRomeo Power\u201d), a leader in designing and manufacturing lithium-ion battery modules and packs for commercial electric vehicles, has secured another large production contract with a commercial vehicle leader. Romeo Power announced today that it has secured a multi-year production contract with The Lion Electric Co. (\u201cLion Electric\u201d), a leading OEM in North American electric commercial transportation. The contract is expected to generate $234 million in revenue for Romeo Power over a five-year period beginning in 2021. The contract spans across Lion Electric\u2019s fleet of all-electric class 6-8 commercial urban trucks and all-electric buses.\n<\/p>\n
This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20201117005333\/en\/<\/a><\/p>\n \n\u201cRomeo Power is very excited about this partnership with Lion Electric, which represents Romeo Power\u2019s eighth production contract in North America and nearly doubles our contracted revenue to date. Lion has already proven itself as a formidable leader in the electrification of the transportation industry with its growing fleet of commercial electric vehicles on the road today,\u201d commented Lionel Selwood, Jr., Chief Executive Officer of Romeo Power. \u201cThis contract demonstrates increasing customer demand for our products, reinforces our ability to turn our pipeline into contracted revenue, and further validates Romeo Power as the industry leader in battery pack and module technology.\u201d\n<\/p>\n \n\u201cAs a leader in zero-emission heavy duty vehicles, we focus on putting more all-electric buses and other commercial vehicles on roads across North America. We are happy to partner with Romeo Power and use its best-in-class battery technology. We are proud of this association that will help us deploy even more all-electric buses and trucks in the years to come,\u201d commented Marc B\u00e9dard, Chief Executive Officer – Founder of Lion Electric.\n<\/p>\n \nThrough its industry leading technology and energy dense battery packs, Romeo Power enables large-scale sustainable transportation by delivering safer, longer lasting batteries with shorter charge times. The company has a 7 GWh-capable manufacturing facility in Los Angeles, California. Its core product offering is focused on the battery electric vehicle medium duty short haul and heavy duty long haul trucking markets.\n<\/p>\n About Romeo Power <\/b><\/p>\n \nRomeo Power, founded in 2016 in California by Michael Patterson, is an industry leading energy technology company focused on designing and manufacturing lithium-ion battery modules and packs for commercial electric vehicles. Through its energy dense battery modules and packs, Romeo Power enables large-scale sustainable transportation by delivering safer, longer lasting batteries with shorter charge times. With greater energy density, Romeo Power is able to create lightweight and efficient solutions that deliver superior performance, and provide improved acceleration, range, safety and durability. Romeo Power\u2019s modules and packs are customizable and scalable, and they are optimized by its proprietary battery management system. The company has approximately 100 employees and more than 60 battery-specific engineers and a 113,000 square foot manufacturing facility in Los Angeles, California with key battery development capabilities performed in-house. On October 5, 2020, Romeo Power and RMG Acquisition Corp. (\u201cRMG\u201d) (NYSE: RMG), a special purpose acquisition company, announced a definitive agreement for a business combination that would result in Romeo Power becoming a publicly listed company. Upon closing of the transaction, the combined company will be named Romeo Power, Inc. and is expected to remain listed on the NYSE and trade under the new ticker symbol \u201cRMO.\u201d For additional information on Romeo Power, please visit https:\/\/romeopower.com<\/a><\/p>\n About The Lion Electric Co.<\/b><\/p>\n \nLion Electric is an innovative manufacturer of zero-emission vehicles. The company creates, designs, and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit, and mass transit markets. Lion is a North American leader in electric transportation and designs, builds, and assembles several of its vehicles\u2019 key components, including chassis, truck cabins and bus bodies.\n<\/p>\n \nAlways actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment, and overall quality of life.\n<\/p>\n \nLion Electric, The Bright Move\n<\/p>\n \nFor additional information, please visit thelionelectric.com<\/a>.\n<\/p>\n About RMG Acquisition Corp.<\/b><\/p>\n \nRMG Acquisition Corp is a special purpose acquisition company whose management and board has deep experience in power, renewable energy, environmental services, energy technology and corporate governance. RMG\u2019s team includes top level executives from Goldman Sachs, Carlyle Group, Cogentrix Energy, Deloitte & Touch\u00e9, Access Industries, Calpine Corporation (CPN) and Riverside Management Group. For additional information, please visit http:\/\/www.rmgacquisition.com\/<\/a>.\n<\/p>\n Important Information and Where to Find It<\/b><\/p>\n \nThis press release relates to a proposed transaction between RMG and Romeo Power. RMG intends to file with the Securities and Exchange Commission (\u201cSEC\u201d) a registration statement on Form S-4 that will include a proxy statement and prospectus of RMG. The proxy statement\/prospectus will be mailed to stockholders of RMG as of a record date to be established for voting on the proposed business combination. RMG also will file other relevant documents from time to time regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS OF RMG ARE URGED TO READ THE PROXY STATEMENT\/PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED BY RMG FROM TIME TO TIME WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement\/prospectus and other documents containing important information about RMG and Romeo Power once such documents are filed with the SEC, through the website maintained by the SEC at http:\/\/www.sec.gov<\/a>. Copies of the documents filed with the SEC by RMG when and if available, can be obtained free of charge on RMG\u2019s website at www.rmginvestments.com<\/a> or by directing a written request to RMG Acquisition Corp., 50 West Street, Suite 40-C, New York, New York 10006.\n<\/p>\n Participants in the Solicitation<\/b><\/p>\n \nRMG and Romeo Power and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of RMG\u2019s stockholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed transaction of RMG\u2019s directors and officers in RMG\u2019s filings with the SEC, including RMG\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on April 1, 2019. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to RMG\u2019s stockholders in connection with the proposed business combination will be set forth in the proxy statement\/prospectus for the proposed business combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination will be included in the proxy statement\/prospectus that RMG intends to file with the SEC.\n<\/p>\n No Offer or Solicitation<\/b><\/p>\n \nThis communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.\n<\/p>\n Forward Looking Statements<\/b><\/p>\n \nThis press release includes \u201cforward looking statements\u201d within the meaning of the \u201csafe harbor\u201d provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words \u201cestimates,\u201d \u201cprojected,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cforecasts,\u201d \u201cplans,\u201d \u201cintends,\u201d \u201cbelieves,\u201d \u201cseeks,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cfuture,\u201d \u201cpropose\u201d and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside RMG\u2019s or Romeo Power\u2019s management\u2019s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to complete the transactions contemplated by the proposed business combination; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of cash available following any redemptions by RMG stockholders; the ability to meet the NYSE\u2019s listing standards following the consummation of the transactions contemplated by the proposed business combination; costs related to the proposed business combination; Romeo Power\u2019s ability to execute on its plans to develop and market new products and the timing of these development programs; Romeo Power\u2019s estimates of the size of the markets for its products; the rate and degree of market acceptance of Romeo Power\u2019s products; the success of other competing technologies that may become available; Romeo Power\u2019s ability to identify and integrate acquisitions; the performance of Romeo Power\u2019s products; potential litigation involving RMG or Romeo Power; and general economic and market conditions impacting demand for Romeo Power\u2019s products. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the \u201cRisk Factors\u201d section of RMG\u2019s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, the registration statement on Form S-4 and proxy statement\/prospectus discussed below and other documents filed by RMG from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and neither RMG nor Romeo Power undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20201117005333\/en\/<\/a><\/span><\/p>\n Romeo Power<\/b><\/p>\n For Investors For Media Lion Electric RMG Acquisition Corp. KEYWORDS:<\/b> California United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Performance & Special Interest Other Energy Fleet Management Alternative Energy General Automotive Public Transport Energy Automotive Trucking Engineering Transport Automotive Manufacturing Manufacturing<\/p>\n<\/p>\n
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ICR, Inc.
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RomeoPowerIR@icrinc.com<\/a><\/p>\n
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ICR, Inc.
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RomeoPowerPR@icrinc.com<\/a><\/p>\n
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Patrick Gervais
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Vice-President, Marketing and Communications
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Patrick.gervais@thelionelectric.com
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Cell : 514-992-1060
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www.thelionelectric.com<\/a><\/b><\/p>\n
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Philip Kassin
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Chief Operating Officer
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pkassin@rmginvestments.com
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212-785-2579\n<\/p>\n
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