Ronn Announces NYC Visit to Sign Joint Venture Agreement with Hydrogen Energy Systems
Rhea-AI Summary
RONN, Inc. (OTC PINK:RONN) has announced that CEO Ronn Ford will meet with Hydrogen Energy Systems (HES) executives to finalize a joint venture agreement, transitioning from a Letter of Intent. The partnership will integrate Hydrogenin Horizons PEM electrolyzer with the Hydra-Pak system for wind turbine-based hydrogen production and storage.
RONN has been collaborating with Indigenous First Nations in Canada to establish hydrogen hubs using wind turbines for green hydrogen production. The joint venture will benefit from HES's hydrogen sales contracts and utilize RONN's hydrogen-electric logistic vehicles across projects. The agreement is expected to include the Port of St. John in New Brunswick for hydrogen export, advancing the commercialization of the hydrogen economy for both companies.
Positive
- Finalizing joint venture agreement with Hydrogen Energy Systems
- Collaboration with Indigenous First Nations in Canada for hydrogen hubs
- Integration of Hydrogenin Horizons PEM electrolyzer with Hydra-Pak system
- Potential for surplus hydrogen sales to businesses and nations
- Inclusion of HES's hydrogen sales contracts in the joint venture
- Utilization of RONN's hydrogen-electric logistic vehicles in joint venture projects
- Planned incorporation of Port of St. John for hydrogen export
Negative
- None.
News Market Reaction – RONN
On the day this news was published, RONN declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
SCOTTSDALE, AZ / ACCESSWIRE / October 15, 2024 / RONN, Inc (OTC PINK:RONN) is excited to announce that CEO Ronn Ford will meet with executives from Hydrogen Energy Systems (HES) this week to finalize the transition from a Letter of Intent to a formal joint venture agreement. Since the inception of the LOI, both companies have significantly expanded their operations.
Mr. Ford emphasized that RONN Inc. has recently collaborated with Indigenous First Nations in Canada to establish hydrogen hubs that utilize wind turbines for green hydrogen production, aimed at reducing energy costs. While the hydrogen generated will primarily support First Nations projects, any surplus is expected to be stored in our proprietary storage systems for potential sale to other businesses and nations.
The HES/Ronn joint venture will integrate the Hydrogenin Horizons PEM electrolyzer with the Hydra-Pak system. This innovative setup will be deployed on wind turbines, producing and storing hydrogen in Hydra-Pak's low-pressure storage containers. Mr. Ford noted that Hydrogen Energy Systems will contribute numerous hydrogen sales contracts to the joint venture, which will enhance the effectiveness of our First Nations hydrogen hubs. Additionally, RONN's hydrogen-electric logistic vehicles will be utilized across all projects within the joint venture.
**Port of St. John - New Brunswick:** We look forward to incorporating the Port of St. John into this agreement following its formalization, facilitating the export of hydrogen produced in Canada. This joint venture will significantly advance the commercialization of the hydrogen economy for both parties.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Factors that could cause or contribute to such differences include, but are not limited to, the success of RONN, Inc. initiatives in the hydrogen tax credit market. RONN, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact Information
John Morgan
IR
jmorgan@ronnmotorgroup.com
SOURCE: RONN, Inc
View the original press release on accesswire.com