Company’s Proprietary Tool Supports Customer Adoption and Utilization of Romeo Battery Products, Reduces Development Costs and Accelerates the Transition to Electrification

Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, has announced the availability of its MATLAB Simulink-based Electro-Thermal Black Box (ETBB) Model for OEM customers.

Romeo Power’s Chief Technology Officer AK Srouji, Ph.D., said the ETBB is a proprietary simulation tool that allows the Company’s OEM customers to predict and simulate the performance of its Banyan Module during vehicle operation, which supports Romeo’s goal to optimize adoption and utilization of its battery products.

“Our Electro-Thermal Black Box Model offers our valued customers an accurate representation of the performance of a new Romeo Power Banyan Battery Module. Our proprietary model was developed based on thousands of hours of research and testing that enables us to precisely tell how our batteries will function and operate in a given environment,” Srouji said. “This brings value to our customers by reducing their development costs and accelerating their entry into the electrification market.”

“The ETBB Model also provides our customers with an accurate software-based alternative to real-world testing and supports pre-planning for battery installation. The model predicts battery life at the beginning of its lifecycle and provides OEMs with critical battery response to the drive and charge profiles,” Srouji added.

In addition to the ETBB, Romeo offers an Aging Black Box Model, which provides a multi-lens perspective of vehicle-level aging including operating year, seasonal changes, mileage, energy throughput, capacity fade and resistance growth, as well as battery system level electro-thermal performance over its lifespan.

“Our Aging Black Box Model is an ideal tool for battery life estimation and warranty-related insights,” Srouji said. “It helps our OEM customers predict the lifecycle of our batteries in one vehicle or a fleet of vehicles. With this model, customers can look at the health of existing Banyan batteries and determine how long it will last in an application, allowing them to optimize battery life and develop a charging strategy.”

“For electric vehicles that go the distance, effective thermal battery management and lifecycle assessments are critical,” said Romeo Power Chief Executive Officer, Susan Brennan. “Through Romeo’s innovative ETBB and Aging models, customers gain valuable data and insights to optimize safety, longevity and performance.”

About Romeo Power, Inc.

Founded in 2016 and headquartered in Cypress, California, Romeo Power (NYSE: RMO) is an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications. The Company’s suite of advanced battery electric products, combined with its innovative battery management system, delivers the safety, performance, reliability and configurability its customers need to succeed. To keep up with everything Romeo Power, follow the Company on social media, @romeopowerinc or visit romeopower.com

Forward-Looking Statements

Certain statements in this press release may constitute “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, express or implied statements concerning Romeo Power’s ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power’s expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power’s ability to produce and deliver such products on a commercial scale, and Romeo Power’s expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Romeo Power’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: Romeo Power’s ability to execute on its plans to develop and market new products and the timing of these development programs; Romeo Power’s ability to increase the scale and capacity of its manufacturing processes; Romeo Power’s estimates of the size of the markets for its products; the rate and degree of market acceptance of Romeo Power’s products; the success of other competing technologies that may become available; Romeo Power’s ability to identify and integrate acquisitions; Romeo Power’s potential need for and ability to secure additional capital; the performance of Romeo Power’s products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power’s products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company’s filings with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from those implied by our forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Romeo Power undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Source: Romeo Power Inc.

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