Inventory Worth More than $16 Million Goes to Auction in Closure of California EV Battery Plant

Sept. 7 online auction by Tiger Group features IP, industrial equipment and thousands of lithium-ion EV battery cells from Romeo Power assembly and testing facility in Cypress

CYPRESS, Calif., Aug. 30, 2023 /PRNewswire/ -- A Tiger Group Online auction on September 7 features thousands of lithium-ion battery cells from Romeo Power's 215,000-square-foot EV battery assembly plant in Cypress, along with industrial assets such as robots, CNC machines, assembly and testing equipment, and the company's intellectual property.

"Available turnkey or in combinations of bulk lots, Romeo Power's IP and other assets represent a tremendous opportunity for industrial manufacturers, EV battery assemblers, automotive companies and other buyers," said John Coelho, Senior Director, Tiger Commercial & Industrial. "In addition to the late-model industrial equipment, we are offering some $16 million in inventory, including more than 200,000 Samsung lithium-ion battery cells."

The timed, online auction closes on Thursday, September 7, at 10:30 a.m. (PT). Bidding opens Thursday, August 31, at 10:30 a.m. (PT) at SoldTiger.com.

Romeo Power has used the plant to assemble rechargeable, lithium-ion batteries for vehicles such as electric motorcycles, golf carts, side-by-side ATVs and commercial truck tractors. The plant closure comes as the company's owner and biggest customer, Phoenix-based Nikola Corp., moves to localize its supply chain, including transitioning battery manufacturing from Cypress to facilities in Coolidge, Arizona. Nikola Corp. previously announced plans to brings its Nikola truck assembly, fuel cell power module assembly, and battery module and pack production under one roof.

The Samsung battery cells are ready for immediate use. Additional highlights of the auction include three 2019 Haas VF6 vertical milling machines, offered along with machine-shop assets such as a high-speed CNC machine, a vertical milling machine, a lathe, drill presses, a 50-ton hydraulic press and various saws, sanders, welders, vices and tools.

Multiple Fanuc robots and related systems also are available in the Tiger Group sale.

"Romeo Power used this equipment to handle tasks like dispensing and applying sealant, picking and placing components, and welding and assembling," said veteran auctioneer Wayne Hecht (CAI, GPPA), Senior Director of Operations for Tiger Commercial and Industrial. "These high-quality assets could be extremely useful to a wide array of operators, inside and outside of EV battery manufacturing."

The same is true of equipment from the company's extensive engineering and testing systems. "These items include chambers, drop testers, ovens and other equipment for subjecting batteries or electronic devices to extreme conditions," Hecht explained.

Additional assets include a large amount of hardware, wiring harnesses, cold plates and enclosures, along with junction boxes, connectors, transformers and resistors. Buyers also will find high-end office furniture, a box truck, pallet jacks, late-model compressors, an all-steel panel system, TVs, computers and other assets.

"At Tiger, we are increasingly working with companies involved in decarbonization and the energy transition," Coelho said. "We continue to see rapid growth and change in this space, spurring greater demand for our services, including appraisals, financing and asset dispositions."

On-site inspections are available by appointment on Wednesday, September 6, from 10 a.m. to 4 p.m. (PT). To arrange an inspection or obtain other information, email: [email protected] or call (805) 497-4999.

For asset photos, descriptions, and other information, visit https://soldtiger.com/sales/over-200000-sq-ft-battery-technology-company/

Media Contacts: At Tiger Group, Maria Hoang, (805) 497-4999, [email protected]. At Jaffe Communications, Elisa Krantz, (908) 789-0700, [email protected]

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SOURCE Tiger Group