Battery-Maker Romeo Systemsâ€™ Public Filing Offering Shows Thin Revenue, Ambitious Growth Plans
The filing shows Romeo had revenue of just $3.65 million in the first half of 2020, paired with a net loss of $13.8 million. In the same period last year, the company posted revenue of $1.86 million and a $38.5 million loss. The two companies announced a joint venture last year that is focused on development of batteries and packs for electric vehicles. Romeo owns 40 percent of the venture, while BorgWarner controls the remaining 60 percent. Previously, Romeo raised $123 million in known venture funding as well as a corporate investment of undisclosed size from BorgWarner.