EV battery maker Romeo Systems to go public through a $1.33 bln SPAC deal

Oct 5 (Reuters) – Romeo Systems Inc, a battery maker for electric vehicles, will go public through a merger with blank check company RMG Acquisition Corp in a $1.33 billion deal, the companies said on Monday.

The deal is expected to raise $384 million for Romeo, which includes an investment of $150 million from investors such as The Heritage Group and Republic Services.

Romeo will use the proceeds for capacity expansion and research & development to further develop battery system technologies for commercial vehicles, according to a statement.

After the deal closes, which is expected in the fourth quarter of 2020, the combined company will list on the New York Stock Exchange under the symbol “RMO”.

A SPAC is a shell company that raises money through an initial public offering to buy an operating entity, typically within two years.

SPACs have emerged as a quick route to the stock market

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EXCLUSIVE-India plans $4.6 bln in incentives for battery makers in electric vehicle push -document

By Neha Arora and Aftab Ahmed

NEW DELHI, Sept 25 (Reuters)India plans to offer $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities as it seeks to promote the use of electric vehicles and cut down its dependence on oil, according to a government proposal seen by Reuters.

A proposal drafted by NITI Aayog, a federal think tank chaired by Prime Minister Narendra Modi, said India could slash its oil import bills by as much as $40 billion by 2030 if electric vehicles were widely adopted.

The proposal is likely to be reviewed by Modi’s cabinet in the coming weeks, said a senior government official, who was not authorised to comment on the matter and declined to be identified. NITI Aayog and the Indian government did not respond to requests for comment.

The think tank recommended incentives of $4.6 billion by 2030 for companies

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