Ronn, Inc. in JV Talks With Erisha EV, an India-Based Global Company
Ronn, Inc. (OTC PINK:RONN) announced ongoing JV and distribution agreement talks with Erisha, the electric vehicle division of India's Rana Group, and a potential third partner. Initial term sheets have been delivered, and final negotiations will conclude with an in-person meeting in New Delhi by the end of July. RONN’s CEO, Ronn Ford, highlighted the JV’s potential to inject cash, support a senior exchange listing, and distribute hydrogen hub pilot programs and Logistic Trucks. Initial sales are projected at 100 vehicles, potentially expanding to 1000. Target pricing for class 6 HFEV trucks could exceed $275K per unit. Further discussions will continue in Geneva at a Supercar event.
- Potential joint venture with a global player, enhancing market reach.
- Projected sales of 100 vehicles, expanding to 1000, signaling revenue growth.
- Target pricing of over $275K per unit for class 6 HFEV trucks, indicating high revenue potential.
- JV could provide a cash infusion and support for a senior exchange listing.
- Final negotiations and due diligence are still ongoing, introducing uncertainty.
- Potential third partner not yet confirmed, adding to the uncertainty.
SCOTTSDALE, AZ / ACCESSWIRE / June 26, 2024 / RONN Inc.(OTC PINK:RONN) today would like to communicate to shareholders about JV and distribution agreements with the CEO of the hydrogen automotive/trucking EV division, Erisha (https://www.erishaev.com) of the powerhouse Rana Group based in India. The initial term sheet has been delivered, and final negotiations, terms, and due diligence are ongoing, with a third partner contemplated.
Dr. Darshan Rana stated that the Rana Group is moving into Hydrogen Vehicles and Hydrogen Production Globally through the electric truck division Erisha. The discussions and salient points revolved around a potential joint venture between the two groups, with another India-based company as a potential third partner.
RONN Inc. CEO Ronn Ford stated that these are exciting times for the commercialization of hydrogen around the world. RONN and Erisha will collaborate on engineering and homologation for Erisha's particular markets. Mr. Ford added that having a JV partner would have three significant impacts: a potential cash infusion, support in our drive to a senior exchange listing expected late this year, and distribution of our hydrogen hub pilot programs and our Logistic Trucks.
Ronn Ford, CEO, went on to state, "As part of negotiations, we are seeking to put a number commitment on sales to initially be approximately 100 vehicles, based on a successful pilot, expanding to 1000 vehicles. We have agreed the final meeting to finalize and sign the JV agreement to be in-person meeting in New Delhi towards the end of July: Target pricing for a class 6 HFEV delivery truck to could range upwards of 275K per unit and its specifications. We additionally have offered to meet next week in Geneva for the Supercar event at Frank Mullers Watch Factory.
Mr. Ford also would like to thank our public market shareholders for their support. We will report back as discussions continue.
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For more information, go to www.ronnmotorgroup.com or contact John Morgan at jmorgan@ronnmotorgroup.com
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 included, 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.
SOURCE: RONN Inc.
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