California EV Battery Plant Auctions $16 Million Inventory

Tiger Group is set to hold an online auction on September 7, featuring a vast array of assets from Romeo Power’s electric vehicle (EV) battery assembly facility located in Cypress, California. The 215,000-square-foot plant’s inventory includes thousands of lithium-ion battery cells, various types of industrial machinery, and intellectual property.

Why It Matters

This auction presents a unique opportunity for players in various sectors—including automotive, EV battery assembly, and industrial manufacturing—to acquire high-value assets. The sale comes amid shifting strategies by Romeo Power’s parent company and principal client, Nikola Corp., which is consolidating its operations and transitioning battery manufacturing to its Coolidge, Arizona facility.

Key Points

Bottom Line

The closure of Romeo Power’s Cypress facility marks a significant development in the EV battery manufacturing landscape, with valuable assets now available to a wide range of potential buyers. As Nikola Corp. localizes its supply chain, companies in various sectors have the opportunity to capitalize on state-of-the-art assets that are ready for immediate use. This auction not only underscores the rapid changes occurring in the green energy sector but also highlights Tiger Group’s growing role in asset appraisals, financing, and dispositions in the evolving energy transition market.

Source

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