In an effort to streamline its supply chain, Romeo Power, a leading electric vehicle (EV) battery manufacturer, is auctioning off equipment and thousands of lithium-ion battery cells from its assembly and testing facility in Cypress, California. The online auction, organized by Tiger Group, offers a valuable opportunity for industrial manufacturers, EV battery assemblers, automotive companies, and other buyers to acquire high-quality assets.
Romeo Power’s 215,000-square-foot plant in Cypress has been used to assemble rechargeable lithium-ion batteries for a range of vehicles, including electric motorcycles, golf carts, side-by-side ATVs, and commercial truck tractors. The closure of the plant follows the decision of the company’s owner and largest customer, Nikola Corp., to localize its supply chain and shift battery manufacturing operations to its facilities in Coolidge, Arizona. This move prompted Romeo Power to auction its equipment and inventory, including over 200,000 Samsung lithium-ion battery cells valued at approximately $16 million.
The timed, online auction will conclude on July 13, with bidding starting on July 6 at SoldTiger.com. Among the notable assets available are three 2019 Haas VF6 vertical milling machines, along with a range of machine-shop equipment such as high-speed CNC machines, milling machines, lathes, drill presses, hydraulic presses, and various tools and welding equipment. The auction also includes multiple Fanuc robots and related systems that were previously used by Romeo Power for tasks such as component assembly and welding.
Additionally, the auction features an extensive array of engineering and testing systems, including chambers, drop testers, ovens, and other equipment used to subject batteries and electronic devices to extreme conditions. The auction also offers a significant amount of hardware, wiring harnesses, cold plates, enclosures, junction boxes, connectors, transformers, resistors, and various office furniture and technology assets.
The closure of Romeo Power’s plant and the subsequent auction of its assets reflect the rapid growth and transition within the decarbonization and energy sector. Tiger Group, known for its expertise in appraisals, financing, and asset dispositions, recognizes the increasing demand for its services in this space.
Interested buyers can arrange on-site inspections of the equipment and assets on July 12, between 10 a.m. and 4 p.m. (PT), by appointment only. For further information or to schedule an inspection, email [email protected] or call (805) 497-4999.
FAQs:
1. Who can participate in the auction?
The auction is open to industrial manufacturers, EV battery assemblers, automotive companies, and other interested buyers.
2. What kind of assets are available in the auction?
The auction includes equipment such as Haas VF6 vertical milling machines, CNC machines, milling machines, lathes, drill presses, hydraulic presses, welding equipment, robots, engineering and testing systems, office furniture, and technology assets.
3. How can I participate in the auction?
Interested buyers can bid online through the Tiger Group’s website, SoldTiger.com. Bidding opens on July 6 and closes on July 13 at 10 a.m. (PT).
4. Are the lithium-ion battery cells ready for use?
Yes, the Samsung lithium-ion battery cells available in the auction are ready for immediate use.
5. Can I inspect the equipment before placing a bid?
On-site inspections of the equipment and assets are available by appointment only on July 12, from 10 a.m. to 4 p.m. (PT). To arrange an inspection, contact [email protected] or call (805) 497-4999.
