Tuesday, November 10, 2020

Romeo Power Gets Funding From Trash Hauler Republic Services

Los Angeles-based lithium ion battery developer Romeo Systems, Inc. (Romeo Power) has raised new funding from recycling and solid waste company Republic Services. According to Romeo Power, Republic Services has exercised its option to acquire additional shares of Class A common stock in RMG Acquisition Corp. (NYSE: RMG), representing less than 5% of the currently outstanding shares of RMG. Romeo Power is in the midst of an acquisition by RMG Acquisition Corp., a special purpose acquisition company (SPAC), which would make Romeo Power a public company. As part of the funding, the companies said that Tim Stuart, Chief Operating Officer of Republic Services, will join the company's board of directors. The companies said the investment is related to Republic Services' efforts to electrify its fleet fo vehicles; Republic Services said it has a fleet of more than 16,000 vehicles. The company provides recycling and waste disposal across the United States.