Nikola Agrees To Buy Battery Supplier Romeo Power For $144 Million via insideevs.com
Nikola Corporation has entered into a definitive agreement with Romeo Power to acquire the battery supplier for about $144 million in stock.
The transaction is expected to yield annual cost savings of up to $350 million by 2026 thanks to the integrated commercial vehicle electrification platform, with Nikola also expecting to reduce non-cell related battery pack costs by 30-40% by the end of 2023., one of Nikola's battery suppliers for its prototype electric trucks along with LG Energy Solution and Proterra Inc, designs and manufactures lithium-ion battery modules and packs for commercial vehicle applications.
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