附近上门

, a maker of batteries for electric vehicles, offered a first glimpse at its financials in a securities filing for a planned public market debut later this year.

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The Los Angeles-based company, which does business under the name Romeo Power, announced earlier this month that it plans to go public on the New York Stock Exchange through a merger with , a blank-check acquirer. The deal sets an initial equity valuation of $1.33 billion for Romeo.

The 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.

What’s ahead

As an early-stage company founded in 2016, Romeo鈥檚 value proposition lies in its potential future performance, and not so much on its revenue generation to date. The company鈥檚 pitch to investors is that it is poised to play a leading role in the ongoing market shift to zero-emission vehicles.

Romeo鈥檚 specialization is designing and manufacturing lithium-ion battery modules and packs for trucks and buses. To this end, the company completed construction of a 7 GWh-capable manufacturing facility in Los Angeles, where it is 鈥渁ble to innovate, develop and manufacture battery modules and packs in high volumes,鈥� according to the filing.

Romeo Power鈥檚 core product offering serves the electric vehicle medium-duty short-haul and heavy-duty long-haul trucking markets, as well as the specialty trucking and bus sectors.

Early investors

A key investor and customer for the company is Michigan-based automotive supplier , known for its powertrain products. The two companies 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. Other backers include and .

The company鈥檚 decision to pursue a public listing comes as an increasing number of venture-backed transportation technology startups are taking the same route. Others that have announced plans recently for a public listing via a merger with a blank-check company include electric carmaker , vehicle charging station-maker , and electric powertrain developer .

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