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.
- The auction features over $16 million worth of inventory, including more than 200,000 Samsung lithium-ion battery cells.
- Bidders can partake in the timed, online event starting on Thursday, August 31, at 10:30 a.m. PT, with the auction closing a week later at the same time.
- The asset list includes state-of-the-art industrial equipment such as Fanuc robots, Haas VF6 vertical milling machines, CNC machines, and various other shop assets like lathes, drill presses, and hydraulic presses.
- The intellectual property of Romeo Power is also up for grabs, either as a turnkey solution or in subdivided lots.
- The auction additionally features testing and engineering equipment designed for extreme condition simulations, as well as other miscellaneous assets like high-end office furniture and electronic items.
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.