Energy-tech firm Romeo Power surges 55% after inking deal to provide battery packs to heavy-truck giant Paccar

AP7225522840029133
Autonomous Peterbilt 579 Test Vehicle with Aurora Driver

Shares of Romeo Power surged to an intraday high of 55% on Tuesday after the energy-technology company announced inking a five-year deal to provide battery packs, modules, and battery management systems to the electric vehicles of Paccar, one of the world’s largest manufacturers of medium- and heavy-duty trucks.

“Romeo Power’s battery technology solutions will enable PACCAR to deliver state-of-the-art transportation solutions that enhance customers’ operations and environmental impact,” Darrin Siver, Paccar senior vice president, said in a statement Tuesday.

Shares of Romero Power climbed steadily to their highest in two weeks after the announcement was made at 7 a.m. ET. Trading volume grew to 129.54 million shares compared to the 6.48 million average.

Founded in 2016, the Los Angeles-based Romeo Power focuses on creating lithium-ion battery modules and packs used in electric vehicles. The manufacturing company went public through a blank check merger in December 2020.

Read the original article on Business Insider