- The stock price of Romeo Power Inc (NYSE: RMO) increased by 59.6%. This is why it happened.
The stock price of Romeo Power Inc (NYSE: RMO) increased by 59.6% as it went from a previous close of $8.02 to $12.80. Investors appear to be responding to the company announcing a long-term supply agreement with PACCAR (Nasdaq: PCAR), a 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 terms of the deal, Romeo Power will be a battery supplier for Peterbilt 579 and 520 BEVs in the United States and Canada through 2025. And the start of production is anticipated to begin after 2021.
“Romeo Power is very pleased to extend its relationship with PACCAR through our new long-term supply agreement. PACCAR will continue to be a great partner for Romeo Power as we work to achieve our shared goals of reducing emissions with safe, energy efficient technology solutions. We look forward to continuing to collaborate with PACCAR to deliver leading-edge energy technology solutions that provide our customers with the extended range, safety and reliability they need to succeed.”
— Lionel Selwood, Jr., CEO of Romeo Power
“PACCAR is committed to industry-leading quality and innovation. Romeo Power’s battery technology solutions will enable PACCAR to deliver state-of-the-art transportation solutions that enhance customers’ operations and environmental impact. We are pleased to enter into a long-term supply agreement with Romeo Power as they are paving the way for cost-effective electrification within the commercial vehicle sector.”
— Darrin Siver, PACCAR Senior Vice President
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.