Romeo Power, a U.S.-based battery technology company, recorded total revenue of $11.6 million in the first quarter (Q1) of 2022, a 955% year-over-year (YoY) increase compared to $1.1 million in Q1 2021. The revenue increased by 27% quarter-over-quarter (QoQ) from $9.1 million in Q4 2021.

The revenue growth was supported by product revenues of $11.4 million, an increase of $10.8 million compared to the same period last year.

The revenue growth was primarily driven by increased delivery levels to major supply contracts. The company claims to have increased average daily production by up to 75% higher than in Q4 2021.

The company holds a backlog of $412 million based on minimum purchase commitments at the end of the quarter.

Romeo Power ended Q1 with cash, cash equivalents, and investments of $66.9 million.

In February, the company acquired BorgWarner’s interest in the joint venture between Romeo Power and BorgWarner during the quarter for $37 million.

It has also raised $25 million through a common stock standby equity line of credit during the quarter.

Susan Brennan, Chief Executive Officer of Romeo Power, said, “In the first quarter, we successfully finalized a multi-year supply agreement extension and enhancement with a leading commercial vehicle customer, entered into a new multi-phase commercial program with an automotive OEM (original equipment manufacturer) to power rideshare and delivery vehicles, and began shipping the first production of 80 kWh pedigree packs to a key customer manufacturing heavy-duty EVs. We are encouraged by the traction we are gaining in attracting new customers and pilot programs while opening up discussions with a broad range of other vehicle providers that are interested in how our leading battery technology and battery management systems can create value in the rapidly expanding market for electrification.”

During the quarter, Romeo Power formed a relationship with bus and heavy-duty truck EV powertrain manufacturer, Wrightspeed Inc., to build “Powertrain in a Crate” kits using Romeo Power’s high-capacity battery pack and module technology.

The company was also awarded the first phase of a multi-phase commercial program with Indigo Technologies, an automotive OEM specializing in lightweight electric vehicles for rideshare and delivery driving.

In February, the company also announced a three-year extension of an existing supply agreement with one of Romeo’s long-standing customers, with a minimum contractual commitment valued at approximately $17 million.

According to the Mercom Capital’s Q1 2022 Funding and M&A Report for Storage, Grid, and Efficiency, battery storage companies raised $12.9 billion in corporate funding through 26 deals in Q1 2022, a 222% QoQ increase compared to a $4 billion raised in 27 deals in the last quarter.

Previously, Romeo Power announced the completion of its ‘business combination’ with RMG Acquisition, a special purpose acquisition company (SPAC), for $900 million. The company also became a public entity in the process. Romeo Power had raised approximately $394 million in equity funding.