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Nikola Buys Romeo Power In An All-Stock Deal Worth $144 Million

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Electric heavy truck maker Nikola announced on August 1 that it entered a $144 million deal to acquire battery pack supplier Romeo Power. With the agreement, Nikola will offer Romeo $35 million in interim funding to continue its operations until the transaction is finalized. The company also believes the acquisition could save up to $350 million in 2026.

California-based Romeo is a company that builds battery modules and packs for large commercial electric vehicles, using other companies’ lithium-ion battery cells. 

Nikola started shipping its electric semi-trucks earlier this year and expects to ship between 300 and 500 trucks in 2022. The company has been Romeo’s largest customer.

Nikola Buys Romeo Power: The Deal

truck
Source: Nikola Motor Company

Nikola CEO Mark Russel said the transaction would help the company as it accelerates the electrification platform. 

“Through our strong relationship with Romeo, we are confident in our ability to successfully integrate and achieve the expected strategic and financial benefits of this acquisition,” Russel explained. 

The deal is a lifeline for Romeo. Like Nikola, it is one of many electric vehicle (EV) companies to have gone public via mergers with special purpose acquisition companies or SPAC. Romeo went public through a SPAC merger in late 2020, in a deal that valued the combined company at $900 million.

However, Romeo had only $66.8 million in assets remaining as of the end of the first quarter after losing more than $250 million. Recently, its shares have been trading below $1. With interest rates rising, too, Romeo may run out of choices to continue its operations. 

Nikola has been working on getting shareholder approval for a measure to increase its total number of shares outstanding. This measure has been blocked by its former CEO, Trevor Milton, who was ousted following allegations that he misrepresented details of Nikola’s technology and order book to investors. Nikola plans to reconvene its shareholder meeting on Tuesday afternoon to announce the current vote totals.

Nikola said it has enough unissued stock to complete the acquisition of Romeo, even if the proposal to increase its outstanding shares fails to pass.

What is Romeo Power?

man working in a factory
Source: Romeo Power

Romeo was founded in 2015 using the battery technology developed by former engineers at Tesla and SpaceX. The firm has struggled to line up additional customers for its heavy-duty battery modules that it claims to have better energy density and thermal stability than its competitors. 

After going public in 2020, Romeo’s stock price has experienced a severe drop from a high of $22.49 per share on December 1, 2020, to 55 cents at the close of trading by the end of July 2022.

The Agreement Helps Nikola to Cope as Battery Technology Evolves

Jeffrey Osbourne, a Cowen equity analyst said the deal is a timely, logical, and strategic move as Nikola is Romeo’s largest customer. Meanwhile, under Russell’s leadership, Nikola is moving forward with the production of trucks, which started in April 2022. Before its second-quarter results announcement on August 4, the company asked shareholders to approve a stock issuance plan. This will help raise additional funds to boost the production and construction of hydrogen fuel stations.

The Nikola buys Romeo Power deal values Romeo at 74 cents per share, a 34 percent premium to Romeo’s closing price Friday. Romeo’s shares closed up about 27 percent on Monday (August 1), while Nikola’s closed up almost 8 percent. 

For other stories and news, read more here at Owner’s Mag!

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Omnichannel Marketing Platforms: Definition, Examples & Tools

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Omnichannel has become a recent buzzword online. That’s because the business landscape has shifted most of their marketing efforts into virtual communication. Advertisers are always looking for new ways to boost online connections with audiences while increasing sales. This is how “omnichannel” sprouted quickly and into every marketer’s arsenal. But what is omnichannel, and what are some omnichannel marketing platforms that do the job? Read on to find out. 

What is Omnichannel Marketing?

marketing strategy on paper

The concept of omnichannel is simple. It aims to provide marketers a quick way to communicate with their customers and get as much engagement and conversion as possible from one go. Their objective is for customers to enjoy a seamless shopping experience on multiple brand channels, including online, mobile, or in-store. This means, marketers would have to show customers the same pricing and promotions across all brand channels. 

However, it also goes beyond that. You have to ensure that customers can navigate through different channels with ease. This means customers can switch between your brand channels without any roadblocks. For instance, a customer can order from your online store and have the option to pick it up from your physical location. One way to increase sales is by offering customers additional items to boost order value. 

Why is Omnichannel Marketing Important? 

marketing software

Omnichannel marketing is crucial these days since most people have shifted to online browsing and shopping. Moreover, if advertisers market on three or more channels, this could result in a 90 percent higher retention rate compared to using a single-channel campaign. 

Additionally, omnichannel marketing also strengthens your brand messaging since campaigns are consistent across all platforms. But what are the primary reasons why advertisers focus on omnichannel marketing? 

  • Brands will get high customer retention 
  • Gains customer loyalty
  • More personalization in the customer’s journey
  • More integrated business
  • Better customer insight
  • Smooth and enjoyable customer experience

How Does Omnichannel Advertising Work?

google search on smartphone

An example of omnichannel marketing is when a sports retail store sends its prospects an email containing a recent promotion on its newly launched running shoes. The email content shows the link to the promotion. Once customers click this link, they are taken to the brand’s eCommerce website. Instructions also let them know they can get it from the brick-and-mortar store. 

Another example is when a furniture store shows a behind-the-scenes video on YouTube about how its experts craft their pieces. Once viewers watch the video, they are welcomed with a link inviting them to join the brand’s email newsletter.

10 Omnichannel Marketing Platforms

social media on scrabble tiles

Here are 10 best omnichannel marketing tools.

1. BigCommerce

This online and offline sales tool is for large-scale businesses looking to streamline their advertising strategies. BigCommerce unifies all marketing campaigns in an easy and convenient platform, including in-store, online, social media, and marketplaces. It can also handle large volumes of sales, traffic, and transactions, providing customers with a smooth experience. 

2. NewStore

NewStore is the tool for all your POS and inventory management systems. It can manage orders, inventory, and customer data across the brand’s channels. It also comes with robust marketing tools that offer personalized engagement, such as push notifications, mobile apps, and location-based marketing.

3. Glassix

If you’re looking for the best omnichannel marketing platforms for communication, Glassix sits at the top of the list. It’s an AI-powered advertising tool that helps with email, SMS, live chat, messaging apps, and social media. Using Glassix means tracking all customer interactions and messages in one user-friendly interface is easy. It also lets you send targeted messages to your audiences based on their preferences and behaviors.

4. Desku

In addition to integrating all customer communications in one interface, Desku also helps with automation functions, such as chatbots, canned responses, ticketing systems, and more. Plus, it offers reporting tools and analytics to monitor progress. 

5. Omnisend

Omnisend is the platform for all your SMS and email marketing campaigns. It’s best suited for eCommerce businesses and allows advertisers to create, monitor, and automate campaigns across all channels. It offers drag-and-drop features and is extremely easy to use. 

6. Tidio

When searching for the best omnichannel communication platform, Tidio ranks high. It’s designed to facilitate customer interactions, manage inquiries, and offer real-time support. 

7. Adobe Experience Cloud

You can’t succeed in omnichannel marketing without using a cloud-based service. And Adobe Experience Cloud ensures you get the right cloud-based solution for optimizing customer experiences. You can use this tool to build and manage customer journeys through AI-powered insights. You can also integrate this platform with other Adobe tools like Adobe Experience Manager, Adobe Target, Adobe Campaign, Adobe Analytics, and more. 

8. Revealbot

If you’re spending time on paid ads, Revealbot will help you manage them in one user-friendly interface. It’s a marketing tool that helps optimize digital advertising campaigns on Instagram, Facebook, TikTok, and Google Ads. You can use this tool to set automation features, campaign budgets, and custom ad rules. 

9. Shopify Plus

Shopify Plus if one of the best omnichannel marketing platforms for eCommerce businesses. It helps create a streamlined customer shopping experience. From workflows and checkouts to customer segmentation and targeted marketing campaigns, this is a reliable tool to use. 

10. Oracle CX Commerce

Oracle CX Commerce is the best solution for B2B and B2C businesses. It’s a cloud-based eCommerce platform that helps provide personalized experiences. It also offers advanced features that simplify segmentation, customized content, targeted promotions, and customer engagement. 

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10 Sustainable Outdoor Gear Brands

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If you frequent the outdoors, you know how important protecting your playground is. When you’re close to nature, you must always prioritize eco-consciousness. While you practice sustainable habits, supporting brands prioritizing sustainability becomes a top priority. If you’re always planning an outdoor adventure and need the gear, here are the top 10 sustainable outdoor gear brands you must check out. 

1. Patagonia

patagonia logo

Over the years, Patagonia has lined up its corporate social responsibilities, mainly focusing on labor and the environment. They have robust social responsibility programs that ensure workers and communities are cared for. Patagonia claims that 85 percent of its products are made in factories with Fair Trade Certified certifications. The brand also helped over 85,000 workers by participating in Fair Trade programs. The brand also helped more than 2,000 farmers from its Regenerative Organic Certified cotton program. 

2. Osprey

osprey logo

Osprey, a brand that creates robust backpacks for travel and outdoors, is also committed to sustainability. The company is a trusted bluesign SYSTEM partner, which helps eliminate PFAS-based DWR in 100 percent of its textile products. On top of its promise of eco-friendly materials, the standard for its backpacks is unparalleled, offering durability, functionality, and repairability. These products undergo field testing and athlete evaluations to ensure it’s a pack that runs a lifetime. 

3. Hydro Flask

hydro flask logo

Plastic bottles comprise one of the highest numbers of ocean pollutants. Hydro Flask is committed to minimizing this by introducing excellent insulated water bottles that last a lifetime! I bought one five years ago, and the insulation functionality still works like the very first day I got it. The brand boasts its recycled-content bottle, the Slingback Bottle Pack, with a 100 percent recycled polyester body. It also eliminated single-use plastic for its packaging, specifically for 90 percent of its products. Hydro Flask uses soy-based inks and no foils and varnishes for their products too!

4. Black Diamond

black diamond logo

Black Diamond is among the top brands for the best outdoor gear, specifically reliable and durable helmets. The company’s ethos is based on the team’s outdoor pursuits. First, the company’s 12,000-square-foot headquarters is energy-efficient, with a 2,200-watt solar photovoltaic system that generates about 3,000 kWh of electricity per year. Black Diamond also advocates for sustainable outdoor and recreation practices and is a founding member of the Outdoor Industry Association’s Climate Action Corps. 

5. Sierra Designs

sierra designs logo

Sierra Designs is also one of the best sustainable outdoor gear brands you can rely on. They aim to create products that have as minimal impact as possible on Mother Nature. The brand boasts the DriDown product, which ensures that feathers come from animals that weren’t subjected to any harm. The brand also uses neglected recycled materials for its fabric’s exteriors and insulation for apparel and sleeping bags. A lifetime warranty also backs all Sierra Designs products.

6. Hyperlite

hyperlite logo

Hyperlite is your go-to outdoor gear brand if you’re into climbing, hiking, or rock climbing. The company is committed to sustainability for as long as the brand is still in operation. They created the Hyperlite Mountain Gear ethos, essentialism, which differs from minimalism. The brand believes that an intentional and thoughtful approach to assembling its backpacks ensures its products are safe, comfortable, warm, and efficient. Hyperlite is a proud partner of Dyneema, a bio-based fiber company, and promises to use this fiber in all its outdoor gear products. 

7. MSR

msr logo

For all your climbing equipment, don’t miss out on MSR products. The founder, a lifelong mountaineer, believed that a safe and reliable equipment is key to greater adventures. Today, the brand is proud to hand-build many MSR products. The brand is also another founding members of the Outdoor Industry Association Sustainability Working Group. It’s a collaboration of over 300 outdoor brands, manufacturers, and suppliers that focus on sustainability challenges and solutions. 

8. Sunski

sunski logo

When you’re enjoying outdoor adventures, make sure you enjoy it in style with Sunski sustainable glasses. Sunski is a fantastic eyewear manufacturer in America that uses plastic scraps to turn into frames! A unique sunglass niche in the industry. The sunglasses are flexible, lightweight, and extremely durable. All Sunski customers will also get a lifetime warranty for their glasses. And if they break? Repair or replacement is free!

9. Cotopaxi

cotopaxi logo

Cotopaxi backpacks, travel packs, hip packs, and duffels are colorful and vibrant and made with eco-friendly materials. They embarked on the The (Re)Purpose™ Collection program, which uses recycled deadstock or leftover fabric from other fashion brands. They also offer a lifetime guarantee on repairs or replacements. As members of the Sustainable Apparel Coalition, they support Amazon’s reforestation. Cotopaxi believes that doing good will create a ripple effect, so they reward customers who #DoGood!

10. Goal Zero

goal zero

Here’s another eco-friendly outdoor gear brand for all your needs and more. To offer you the best outdoor camping experience, Goal Zero even sells power essentials, such as inverter generators, handheld portable power devices, solar panels, and battery banks. The company also aims to practice eco-conscious manufacturing methods by ensuring all 10+ factories in nine countries adhere to environmental and human rights standards. Its top sustainable camping gear is the Yeti Portable Power Station, with a four over five rating!

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10 Sustainable Activewear Brands

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Eco-consciousness and health and fitness must be the perfect tandem. If you prioritize your health and fitness, the same care should also concentrate on sustainability. While you’re focused on your fitness goals, the process shouldn’t be as destructive to the environment. Just like you want to nourish your body with the good stuff, you also want to protect Mother Nature like it’s your own body. After all, the outdoors offers so much to benefit your health in the long run. Hiking, camping, rock climbing, surfing, swimming, to name a few. That said, protecting your playground as much as possible is only fitting. And that starts with choosing the most sustainable activewear brands. Here are the top 10 sustainable brands for fun and play. 

1. Iron Roots

iron roots logo

While some activewear brands claim 80 percent sustainability, Iron Roots embarks on 100 percent sustainable products and processes. It’s plastic-free all-organic athletic apparel that will not only make you feel good but also make you feel better about wearing Mother Nature-friendly apparel. Founded in 2018 by Dutch friends, the founders combined functionality, design, and sustainability in beautiful sportswear. They were both fed up with how the market manufactures most apparel from unsustainable materials. The brand uses non-plastic materials and unique plastic-based apparel like polyester. It’s a breathable and comfortable activewear that will help you achieve your fitness goals!

2. Girlfriend Collective

girlfriend collective logo

Girlfriend Collective is a Seattle-based brand making waves in the sustainable activewear niche in 2024. They are famous for their sports bras, trendy gym tops, leggings, and more! But the best part is the teams behind this brand are tree huggers, prioritizing recycled materials for their apparel. From fabric scraps to water bottles and fishing nets, you know you’re working out and helping the brand’s mission. The brand also uses eco-friendly dyes to color its clothes while managing wastewater responsibly. They created the ReGirlfriend program to prevent textiles from being in landfills!

3. Patagonia

patagonia logo

Every outdoorsperson has heard of the famous brand Patagonia. The company has set a gold standard for sustainable apparel and manufacturing. Recently, the popular activewear brand has revamped its ownership structure to ensure it allocates a budget for environmental initiatives. The brand not only outsources sustainable materials and works with eco-conscious factories, but it is also transparent about it.

4. Groceries Apparel

groceries apparel logo

Groceries Apparel is another sustainable activewear brand that focuses on upcycled food waste without needing third-party people or factories. They manufacture their activewear themselves through non-toxic and locally sourced materials. Who would’ve thought another person’s food waste could be a gym rat’s workout clothes? They manufacture all their products in their Los Angeles factory, making them a 100 percent self-sufficient brand!

5. Move by Mate

move by mate logo

Move by Mate knows that conventional cotton, a material used by most apparel brands, is detrimental to the environment due to its pesticide use, heavy farming, and excessive water consumption. Move by Mate is also one of the sustainable activewear brands that uses organic cotton instead of traditional cotton, keeping the soil healthy. They claim that organic soil is also more breathable.

6. Wolven

wolven logo

If leggings are your workout go-to, then you must check out Wolven. It’s a brand that produces recycled sexy leggings for your exercise routines. Wolven is also deemed Lululemon’s competitor due to its elegant designs in multiple muted colors. Wolven leggings are made of 84 percent recycled PET or plastic bottles. The brand’s recycled materials are also Global Recycled Standard-certified. When you buy Wolven leggings, you’re guaranteed they are free of uncomfortable, harmful chemicals. 

7. Reformation

reformation logo

You can be sure this brand is one of the most mainstream activewear brands that doesn’t take eco-consciousness lightly. Reformation boasts multiple eco-friendly initiatives, and they will not stop anytime soon. For one, they have a RefRecycling program, encouraging customers to drop off their used Reformation products in exchange for store credits. Moreover, Reformation also partners with many eco-conscious organizations like Bluesign. They also have a FactoryForward to ensure their suppliers become the best at what they do. 

8. Gngr Bees

gngr bees logo

Founded in 2019, the owner, Natalia Grisard, was inspired to create Gngr Bees by her love for wildlife. She claims this brand is “driven by purpose and not by profit.” The brand’s apparel is made from discarded products. The company has reclaimed over 45,000 plastic bottles and over 4,000 kilograms of fishing nets. Gngr Bees also partners with Azizi Life and Beach Collective to plant mangroves and recycle ocean-bound plastic. 

9. The North Face

north face logo

The North Face has a long history of embracing eco-friendly products, initiatives, and commitments ever since. They are committed to prioritizing nature through science-based and actionable goal-setting. The North Face ensures all their materials are 100 percent recyclable and responsibly sourced. They created the North Face Renewed program that focuses on circularity by giving used gear a second life. This way, they are given a chance before users toss them into a landfill. 

10. Tentree

tentree logo

Tentree is a Vancouver-based brand that believes in the power of tree planting. Its name is embedded in its company vision to plant ten trees in exchange for every item purchased. The company centers its practices on environmentally friendly ways, which they call the “earth-first approach.” This focuses on safe and fair working conditions for all employees and prioritizes sustainable and recycled materials for their products. Some of these materials are Tencel lyocell, Repreve polyester, and more. They created the Climate+ Initiative, which lets customers prevent carbon emissions by buying a pack of trees. 

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