Why Romeo Power Stock Is Surging Today

Shares of Romeo Power (NYSE: RMO), which provides electric truck battery packs, were sharply higher on Tuesday, after the company announced a new long-term deal to supply battery packs to heavy-truck giant PACCAR (NASDAQ: PCAR), owner of the Kenworth, Peterbilt, and DAF truck brands.

As of 1:30 p.m. EDT, Romeo Power's shares were up about 34% from Monday's closing price.

Under the deal, Romeo Power will provide battery packs, modules, and battery management systems for two new battery-electric trucks from PACCAR's Peterbilt brand through 2025, the companies said in a statement on Tuesday. 

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Source Fool.com