How electric-vehicle battery maker Romeo Systems will go public

Romeo Programs Inc., a battery maker for electrical vehicles, will go public by means of a merger with special-function acquisition firm RMG Acquisition Corp. in a $1.33 billion offer, the companies reported Monday.

The offer is expected to elevate $384 million for Romeo, which includes an expense of $one hundred fifty million from investors this kind of as The Heritage Group and Republic Products and services.

Romeo will use the proceeds for ability growth and R&D to additional create battery method systems for commercial vehicles, in accordance to a statement.

Provider BorgWarner made a $fifty million expense in Romeo in May 2019 and the two companies founded a joint undertaking.

“BorgWarner congratulates Romeo Electrical power on the accomplishment of this critical milestone”, reported Frédéric Lissalde, CEO of BorgWarner, in a statement. “We look forward to continuing to get the job done with Romeo Electrical power on the growth of their organization and the worldwide growth of the BorgWarner and Romeo Electrical power joint undertaking.”