Ronn Inc Offers Market Update on Current and Ongoing Events
Ronn, a company trading under OTC PINK:RONN, provided a market update highlighting the signing of an MOU for a significant equity investment expected to activate various LOIs. They announced a partnership with First Nations Canada worth potentially $500 million to establish hydrogen hubs. Ronn's HEV trucks will undergo pilot projects globally, including in Barbados and First Nations. The company emphasized the advantages of hydrogen over battery-powered vehicles. They also mentioned new potential partnerships and pilot programs resulting from an LOI with Hydrogen Horizons.
- Potential $500 million partnership with First Nations Canada.
- Seven starter seed hydrogen hubs to be established.
- Global development partner added to the First Nations project.
- Projected growth in the Global Middle Mile Logistics Truck Market to $169.75 billion by 2030.
- Completion of engineering and feasibility studies for HEV trucks.
- Pilot programs in various countries, indicating global interest.
- Hydrogen EVs presented as a viable alternative to battery-powered vehicles.
- Several new potential partners from the LOI with Hydrogen Horizons.
- No finalization of the equity investment yet.
- Pilot programs still in early stages and not yet announced in several locations.
- Dependence on future funding to execute the announced projects.
- Potential reliance on grant applications with NYSERDA, indicating uncertainty in funding.
SCOTTSDALE, AZ / ACCESSWIRE / May 21, 2024 / RONN, Inc. (OTC PINK:RONN) announced today that the signing of our MOU for our recently announced equity investment, once finalized, will stimulate the various LOIs that we have announced and are still active. Mr. Ford, the company CEO, stated that a quick update on those expected initial main initiatives might be beneficial to our shareholders.
We first announced First Nations Canada in October 2023, which, once executed with our new expected funding, is expected to be worth potentially 500 million dollars. Quote: "Together, we plan to establish seven starter seed hydrogen hubs across the First Nations lands, complete with RONN Hydrogen Electric logistic trucks," stated Ronn Ford, CEO. "The seven-plus 50-million-dollar packages allow communities and businesses of all sizes to familiarize themselves with Hydrogen electricity's mobile and stationary applications." Mr. Ford continued that site locations are being evaluated "and we have now added a global development partner to the project. The Global Middle Mile Logistics Truck Market is projected to grow from USD 96.42 billion in 2022 to USD 169.75 billion by 2030, at a CAGR of
Our HEV medium-duty trucks will go to Roush Engineering to complete our initial class 4-6 medium-duty delivery prototypes for several evaluation pilot projects and much-anticipated contract manufacturing. We do have several pilot programs in the queue, including our own with First Nations and Barbados, and others too early to announce in Nairobi, Germany, India, and Canada..
The engineering and feasibility studies are complete. With the recent difficulties revealed concerning battery-powered trucks and automobiles, hydrogen electric vehicles have received a nice shot in the arm as the only viable alternative to the problem that plagues the battery market. Ronn Ford also stated that a critical success factor is the fact that delivery vehicles are mostly fleets, and the only infrastructure required are small hydrogen pumps located at the terminal facility to refuel the trucks upon return to the yard. Hydrogen EVs have a more extended range and can carry larger loads, and a hydrogen fill-up generally takes only 3-5 minutes.
Our recently announced LOI with the great group Hydrogen Horizons, whose offices are in the UK, has already resulted in several new potential partners and potential Hydrogen Truck pilot programs throughout. We are exploring a possible grant application between us, Hydrogen Horizons, and NYSERDA (the New York State Energy Research and Development Authority, as details emerge, we will update the market accordingly.
DISCLOSURE:
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including without limitation, the ability of RONN to accomplish its stated plan of business. RONN believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and there forward-looking statements included in this press release will prove to be accurate. Considering the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by RONN or any other person.
For Media Inquiries please contact:
John Morgan
email: morgan@ronnmotorgroup.com
SOURCE: RONN Inc.
View the original press release on accesswire.com
FAQ
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