Romeo Systems Inc., the Los Angeles-based company doing business as Romeo Power, announced Nov. 10 that Phoenix-based Republic Services Inc. has exercised its option to acquire additional shares of Class A common stock in RMG Acquisition Corp. (RMG).
Romeo Power specializes in designing and manufacturing lithium-ion battery modules and packs for commercial electric vehicles. RMG, a special purpose acquisition company, previously announced a definitive agreement for a business merger that would result in Romeo Power becoming a publicly listed company.
According to Romeo Power, Republic’s investment represents less than 5 percent of the currently outstanding shares of RMG.
According to a news release from Romeo Power, “Romeo Power and Republic Services continue to actively work on establishing a strategic alliance to support Republic’s comprehensive electrification and sustainability goals and strategy.”
In addition, Republic Services COO Tim Stuart will join the board of directors of Romeo Power upon Romeo Power’s planned business merger with RMG.
“Republic Services is excited to increase our investment in, and strengthen our partnership with, Romeo Power,” Stuart says. “The establishment of a strategic alliance is an important component of our fleet electrification strategy and will help drive responsible growth and value creation.”
“We are thrilled to further strengthen our relationship with Republic Services. The company is an incredibly well-respected organization with a bold sustainability platform, and we appreciate their vote of confidence in our business,” Romeo Power CEO Lionel Selwood Jr. says. “Tim Stuart’s expertise in corporate strategy and operations will help Romeo Power expand its electrification technology into waste disposal and other markets.”