Tiger Group
Cypress, US, 30 Aug. 2023, 15:50 CEST
California EV Battery Plant Closes, $16M Worth of Inventory to be Auctioned

#EVBattery Online auction by Tiger Group on Sept. 7 offers IP, industrial equipment, and thousands of lithium-ion cells from Romeo Power facility.

Tiger Group is auctioning three 2019 Haas VF6 vertical milling machines on 7 September. Don't miss this opportunity! img#1
Tiger Group is auctioning three 2019 Haas VF6 vertical milling machines on 7 September. Don't miss this opportunity!
An advanced coordinate measuring machine (CMM) of late model is available for auction. img#2

California EV Battery Plant Closes, $16M Worth of Inventory to be Auctioned

An upcoming Tiger Group Online auction, scheduled for September 7, will feature an extensive collection of lithium-ion battery cells originating from Romeo Power's sizable EV battery assembly plant situated in Cypress, encompassing an impressive 215,000 square feet. The auction will encompass not only the battery cells but also an array of valuable industrial assets, including CNC machines, robots, assembly and testing equipment, as well as Romeo Power's intellectual property.

John Coelho, who serves as the Senior Director of Tiger Commercial & Industrial, expressed the remarkable potential this auction presents to various industries. Coelho stated, "Romeo Power's IP and other assets represent a tremendous opportunity for industrial manufacturers, EV battery assemblers, automotive companies, and other buyers. 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."

This timed online auction is scheduled to conclude on Thursday, September 7, at 10:30 a.m. (PT). Bidding is set to commence on Thursday, August 31, at 10:30 a.m. (PT), accessible through SoldTiger.com.

The assembly plant, owned by Romeo Power, has been actively involved in the assembly of lithium-ion batteries tailored for various vehicles such as electric motorcycles, golf carts, side-by-side ATVs, and commercial truck tractors. The decision to close the plant is in line with the strategic moves of its parent company and primary customer, Phoenix-based Nikola Corp. As Nikola Corp. takes steps to localize its supply chain, the manufacturing of batteries is being shifted from Cypress to facilities situated in Coolidge, Arizona. This transition is part of Nikola Corp.'s broader strategy to consolidate its truck assembly, fuel cell power module assembly, and battery module and pack production.

One of the auction's notable highlights is the availability of over 200,000 ready-to-use Samsung battery cells. Additionally, the auction encompasses three 2019 Haas VF6 vertical milling machines, accompanied by an assortment of machine-shop assets that includes a high-speed CNC machine, a vertical milling machine, a lathe, drill presses, a 50-ton hydraulic press, and various other tools and equipment.

The auction also offers several Fanuc robots and associated systems, which Romeo Power had employed for tasks ranging from dispensing sealant and placing components to welding and assembly. Wayne Hecht, a veteran auctioneer and Senior Director of Operations for Tiger Commercial and Industrial, underlined the versatility of these high-quality assets, noting their potential usefulness for a wide range of operators both within and outside the EV battery manufacturing sector.

The collection extends to the company's engineering and testing systems, featuring chambers, drop testers, ovens, and other equipment used for subjecting batteries and electronic devices to extreme conditions.

Beyond these technical assets, the auction includes a substantial assortment of hardware, wiring harnesses, cold plates, enclosures, junction boxes, connectors, transformers, and resistors. Moreover, buyers will discover high-end office furniture, a box truck, pallet jacks, modern compressors, an all-steel panel system, as well as electronics like TVs and computers.

John Coelho emphasized Tiger Group's growing engagement in the field of decarbonization and the energy transition, noting the increasing demand for services like appraisals, financing, and asset dispositions. Prospective buyers can request on-site inspections by appointment, scheduled for Wednesday, September 6, between 10 a.m. and 4 p.m. (PT). Those interested in arranging inspections or seeking further information can reach out via email to [email protected] or contact (805) 497-4999.