SCOTTSDALE, Ariz., Jan. 24, 2019 /PRNewswire/ -- RONN Motor Group, Inc. announced today the execution of a definitive three-way joint venture agreement with $100 million (USD) registered capital. RONN will retain 51% controlling interest and its two new partners will retain 30% and 19% collectively of the joint venture.
General terms include: ten million shares priced at $5.00 (USD) per share, clean energy expertise, automotive engineering prowess, a portfolio of patented Nano-composite technology, and patents relating to fuel-cells and graphene (provided by RONN Motor Group). The two joint venture partners' contributions include over three million square feet of manufacturing space in two factories; combined manufacturing capacity would potentially be up to 300,000 vehicles per year with equipment and a complete set of EV manufacturing licenses. Additional financial terms include $24 million (USD) to RONN Motor Group, in cash based on manufacturing milestones.
Ronn Ford, CEO, stated that the initial thrust of this joint venture would be toward lightweight, Nano-composite, commercial vehicles such as buses with zero-emission, hydrogen fuel-cell/battery power systems. Ronn Ford also commented that RONN Motor Group has been in negotiations with several China provinces to build a super factory to produce a full line of mid-level to luxury passenger vehicles and SUV's, beginning with the next generation all electric hydrogen fuel cell/battery sports car-Phoenix. RONN would also bring hydrogen infrastructure as part of a super factory.
Dr. Wong, founder and Chairman of Durabl Motors Co., Ltd, who was a former Detroit automotive executive, and Mr. Meng, Founder/Chairman of Jiangsu Hanwei Automotive, Co., LTD, indicated that the People's Republic of China was committed to moving the country to a 100 percent zero-emission NEV lifestyle with sustainable hydrogen fuel-cell technologies, which have gained speed and market share with the end of the fossil fuel mandate which began in PRC on January 1, 2019.
About RONN Motor Group, Inc.
As a leader in hydrogen technology, RONN Motor Group, Inc. is joining the race to reduce the carbon footprint and greenhouse gas effects by creating sustainable energy that will take us into tomorrow through the development of all-electric, hydrogen fuel-cell, zero-emission, long-range automotive and transportation platform designs. The initial company thrust will be in the China NEV Automobile Market. See www.ronnmotorgroup.com for more information.
China's automotive market is now the largest in the world, the fuel cell commercial vehicles in China is expected to enter the regional maturity stage in 2020-2025 and will reach an outbreak growth in 2025-2030. In terms of fuel cell passenger cars, it is expected that the market would enter the mass production stage in 2020-2025.
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SOURCE RONN Motor Group, Inc.