Ronn Inc. Establishes Joint Venture with Hydrogen Energy Solutions
Rhea-AI Summary
RONN Inc.
1. Exclusive rights for RONN to use HES's innovative Hydrro-Paks, a low-pressure hydrogen storage solution, for mobile applications.
2. A revenue-sharing model between RONN and HES.
3. Integration of RONN hydrogen vehicles in all HES projects.
4. RONN serving as the provider of hydrogen logistics trucks and work vehicles for the JV's net-zero emissions goal.
The collaboration aims to create hydrogen hubs powering various global initiatives, strengthening both companies' positions in the hydrogen energy sector.
Positive
- Establishment of a strategic Joint Venture with Hydrogen Energy Solutions
- Plans for multiple potential hydrogen hubs worldwide
- Agreements with ports for hydrogen transportation to European markets
- Exclusive rights to use HES's Hydrro-Paks for mobile applications
- Revenue-sharing model included in the agreement
- Integration of RONN hydrogen vehicles in all HES projects
- RONN designated as provider of hydrogen logistics trucks and work vehicles for JV projects
Negative
- None.
News Market Reaction
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 22, 2024 / RONN Inc. (OTC PINK:RONN) is pleased to announce the successful finalization of a Joint Venture (JV) agreement with Hydrogen Energy Solutions (HES), formalized during Ronn Ford's recent visit to New York City. This collaboration is designed to enhance the development and sharing of hydrogen initiatives between RONN and (HES).
Key highlights of the JV include the establishment of multiple potential hydrogen hubs worldwide, along with ongoing agreements with several ports to facilitate the transportation of hydrogen produced by RONN and HES to European markets. The partnership also features (HES) innovative Hydrro-Paks, a low-pressure hydrogen storage solution, and grants RONN exclusive rights to utilize low-pressure mobile applications for our operations, including a revenue-sharing model as part of our agreement. All projects initiated by HES will incorporate RONN hydrogen vehicles.
CEO Ronn Ford emphasized that RONN will serve as the designated provider of hydrogen logistics trucks and work vehicles, supporting the JV's commitment to achieving net-zero emissions across its projects. The collaborative efforts of the JV members will focus on creating hydrogen hubs to power numerous global initiatives.
About RONN, Inc
RONN, Inc. is a forward-thinking company dedicated to making a positive impact on the environmental credit market. With a commitment to innovation and sustainability in the commercialization of Hydrogen in both mobile and stationary sectors, RONN, Inc. strives to create value for both its shareholders and the planet.
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
FAQ
What is the new Joint Venture announced by RONN Inc. (OTC PINK:RONN) on October 22, 2024?
What exclusive rights did RONN Inc. (OTC PINK:RONN) gain through the Joint Venture with HES?
How will RONN Inc. (OTC PINK:RONN) contribute to the Joint Venture projects?
What are the main goals of the Joint Venture between RONN Inc. (OTC PINK:RONN) and Hydrogen Energy Solutions?
