RONN Inc. Announces $300 Million Hydrogen Technology Purchase Agreement, Advancing Canada's Clean Energy Initiatives

Rhea-AI Summary

RONN Inc. (OTC:RONN) has announced a $300 million purchase agreement with UK-based Hydrogen Horizons Inc. for acquiring proprietary electrolyzers and low-pressure storage systems. The deal will provide RONN with up to 500 MWh of hydrogen production capacity, supporting the development of a hydrogen corridor across Canada.

The company is partnering with First Nations communities, starting with Tobique First Nation, to promote local economic opportunities and sustainable development. RONN is exploring various financing options, including potential government lending support, to accelerate deployment while balancing community impact and shareholder value.

Positive

• Secured $300 million purchase agreement for hydrogen technology acquisition
• Gained 500 MWh hydrogen production capacity through proprietary technology
• Established strategic partnership with First Nations communities
• Potential access to government financing support

Negative

• Large capital expenditure requirement of $300 million
• Financing sources not yet secured
• Dependency on government lending support for project execution

SCOTTSDALE, AZ / ACCESSWIRE / December 30, 2024 / RONN Inc. (OTC:RONN) today announced a $300 million purchase agreement with UK-based Hydrogen Horizons Inc. that solidifies RONN's path toward a robust hydrogen corridor across Canada. Under the terms of this agreement, RONN will acquire proprietary electrolyzers and low-pressure storage systems, equipping the company with up to 500 MWh of hydrogen production capacity.

Stepping Forward in the Hydrogen Economy

This milestone underscores RONN's continued focus on scalable, clean energy solutions. By leveraging Hydrogen Horizons' innovative technology, RONN aims to support wide-ranging hydrogen applications in infrastructure and transportation, aligning with market trends forecasting significant growth in the hydrogen sector.

First Nations Engagement

RONN's strategic vision includes partnerships with First Nations communities, beginning with Tobique First Nation, as part of broader efforts to foster local economic opportunities and sustainable development. Additional discussions with First Nations leaders across Canada seek to fortify and expand this initiative, ensuring long-term value for all stakeholders.

Financing and Government Collaboration

RONN is exploring various financing avenues to accelerate deployment, including potential available government lending support. These efforts reflect the company's commitment to making prudent capital investments that balance community impact and shareholder value.

Executive Perspective

"This $300 million agreement marks a pivotal step toward delivering cleaner energy solutions," noted Mr. Ford, CEO, reflecting on the collaboration with Hydrogen Horizons. "Our focus on hydrogen technologies positions RONN to contribute meaningfully to Canada's evolving energy landscape."

Key Takeaways

• $300 Million Purchase Agreement: Secures hydrogen electrolyzers and storage systems.

• Up to 500 MWh Capacity: Strengthens RONN's hydrogen corridor development ability.

• First Nations Partnership: Promotes inclusive, community-driven growth.

• Government Support Exploration: Evaluates strategic financing to optimize shareholder returns.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements" under applicable securities laws. These statements involve known and unknown risks, including but not limited to securing required financing, obtaining relevant regulatory approvals, and effectively implementing the hydrogen corridor project. Such statements reflect current expectations but are subject to uncertainties that may cause actual results to differ. Readers are advised not to place undue reliance on forward-looking statements. RONN assumes no obligation to update these statements except as required by law.

For more information, please contact:

Contact Information

Ronn Ford
CEO
ronn.ford@ronnmotorgroup.com

SOURCE: RONN Inc.

View the original press release on accesswire.com

FAQ

What is the value and purpose of RONN's recent hydrogen technology purchase agreement?

RONN (OTC:RONN) has entered into a $300 million purchase agreement with Hydrogen Horizons Inc. to acquire electrolyzers and storage systems, enabling 500 MWh of hydrogen production capacity for developing a hydrogen corridor across Canada.

How much hydrogen production capacity will RONN gain from the new agreement?

The agreement will provide RONN with up to 500 MWh of hydrogen production capacity through proprietary electrolyzers and low-pressure storage systems.

Which First Nations community is RONN initially partnering with in Canada?

RONN is initially partnering with Tobique First Nation as part of its strategy to foster local economic opportunities and sustainable development.

How does RONN plan to finance the $300 million hydrogen technology purchase?

RONN is exploring various financing options, including potential government lending support, to fund the $300 million purchase while maintaining a balance between community impact and shareholder value.