Stocks

RMO Stock: Romeo Power secures long term EV battery partnership

Shares of Romeo Power (RMO) skyrocketed after the company announced that it has secured a long term electric vehicle (EV) battery partnership with PACCAR (PCAR).

The long-term supply agreement with PACCAR, a global technology leader in the design, manufacture and customer support of high-quality light, medium and heavy duty trucks under the Kenworth, Peterbilt and DAF nameplates, to provide battery packs, modules and battery management systems (BMS) for PACCAR’s battery electric vehicles (BEVs).

Under the agreement, Romeo Power will be a battery supplier for Peterbilt 579 and 520 BEVs in the United States and Canada through 2025. The start of production is anticipated to begin after 2021.