Indinanapolis-based Heritage Group will in partnership with Los Angeles-based specialty EV battery manufacturer Romeo Power set up a plant for reuse and recycling of lithium-ion batteries. The facility will be operated by Heritage while Romeo Power will take a 30% stake in the venture as a part of a deal in which Heritage Group invests in Romeo Power.
The deal was revealed in the SEC filing for Romeo Power as the company entered into a definitive merger agreement with RMG Acquisition Corp through which it becomes listed on NY stock exchange after the the combined company is renamed Romeo Power.
Romeo Power has completed construction and development of a 7 GWh-capable manufacturing facility in Los Angeles with state of the art manufacturing operations designed and scaled for high growth.The core product offering serves the battery electric vehicle medium duty short haul and heavy duty long haul trucking markets, as well as specialty trucking and buses.
Heritage owns and operates one of the leading environmental service companies in the US and is already today collecting batteries from customers. These batteries will be the first feedstock to the plant which after 2025 is expected to receive batteries from Romeo Power's customers for repurposing and ultimately for recycling.
Read Romeo Power's investor presentation here: https://www.sec.gov/Archives/edgar/data/1757932/000110465920111943/tm2032357d1_ex99-3.htm