In a major piece of news in the electric vehicle space, EV company Nikola announced its acquisition of Romeo Power Inc. last August.
Nikola, a notable player in the EV space, is a designer and manufacturer of zero-emissions transportation solutions. Romeo Power, on the other hand, is an energy storage company with a focus on the design and manufacture of EV-focused lithium-ion battery packs. To date, Nikola is Romeo’s biggest customer.
With the acquisition, Nikola seeks to improve the vertical integration of its products by minimizing its dependency on external battery suppliers. Instead, by bringing the battery production for their vehicles in-house, Nikola believes they can accelerate their product development as well as achieve greater range and charge rates.