Romeo Systems terminates battery supply agreement with Phoenix Motor; company disputes, has CATL alternative

PHOENIX MOTOR INC.

Romeo Systems terminated the Sept 2020 battery pack supply agreement effective Dec 15, 2022, citing delivery of 'prototype packs'.
Phoenix disputes Romeo's characterization, stating purchase orders and invoices did not label packs as prototypes.
Company is evaluating breach of contract and warranty claims; has requested a meeting to resolve amicably.
Phoenix has already secured battery supply from Coulomb Solutions Inc. (CATL distributor) and has begun deliveries with CATL batteries.

item 1.02

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PHOENIX MOTOR INC. terminated Supply Agreement with Romeo Systems Inc. (effective 2022-12-15).

Action: termination
Agreement: supply
Counterparty: Romeo Systems Inc.
Effective: 2022-12-15

Exact text from the filing

On December 15, 2022, Phoenix Cars LLC, a subsidiary of Phoenix Motor Inc. (the “Company”), received a letter from Romeo Systems Inc. (”Romeo”) notifying the Company that Romeo is terminating the product supply master agreement entered into by the parties on September 8, 2020 (the “Supply Agreement”), and all purchase orders submitted under the Supply Agreement, effective immediately.

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PHOENIX MOTOR INC. filing history →

Source: SEC EDGAR

accession 0001104659-22-128848

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