Ronn Inc. and Its New Joint Venture Have Received a Purchase Order for 60 Patented Hydrogen Electrolyzers to Include 60 Patented Low-Pressure Storage Systems

Rhea-AI Summary

RONN Inc. (OTC:RONN) has received an MOU purchase order for 60 patented electrolyzers (up to 600 MWH each) and 60 patented low-pressure storage units through their new joint venture with HES. The collaboration includes expected financing guarantees for Capex from Scottland Enterprise International (SEI), featuring a $300 million capital guarantee for infrastructure purchases.

The partnership focuses on developing, manufacturing, and deploying hydrogen production technology. SEI's support package includes capital expenditure funding, business plan preparation assistance, investor introductions, and supply chain expertise. The joint venture will lead the design and manufacturing of electrolyzers while providing technical expertise and resources.

Positive

• Secured MOU purchase order for 60 high-capacity electrolyzers and storage units
• $300 million capital guarantee from Scottish Enterprise International for Capex infrastructure
• Formation of strategic joint venture with HES for hydrogen technology development

Negative

• Deal is still at MOU stage pending due diligence completion
• Final purchase order contingent on financing guarantees

SCOTTSDALE, AZ / ACCESSWIRE / December 9, 2024 / RONN Inc. (OTC:RONN) announced that they have received an MOU purchase order for 60 of our patented up to 600 MWH electrolyzers and 60 of our patented low-pressure storage units with their new JV partner, HES, and expected financing guarantees for Capex provided by Scottland Enterprise International.

The two groups came together to collaborate on the development, manufacturing, and deployment of electrolyzers with a total production capacity of up to 600 MWh each for hydrogen production. This partnership aims to leverage the parties' expertise and resources to advance hydrogen technology and contribute to sustainable energy solutions. Due diligence is hopefully expected to be completed soon.

Mr. Ford, the company CEO, stated this collaboration would also benefit from a 300 million dollar capital guarantee for the purchases of Capex infrastructure provided by The Scottish Enterprise International (SEI), which includes capital expenditure funding, detailed business plan preparation, introductions to potential investors, and supply chain knowledge.

Under the terms of this MOU purchase order, the parties will focus on the following key areas, stated Mr. Lloyd, President of our new Joint Venture.

1. **Development and Production of Electrolysers**: HES/RONN will lead the design and manufacturing of electrolyzers, ensuring they meet the intended capacity targets.

2. **Engineering and Technical Support**: HES/RONN will provide the necessary technical expertise, resources, and support to facilitate efficient production.

This partnership reflects a significant step forward in hydrogen energy technology, aiming to enhance sustainable energy production and contribute to a greener future for the Republic of Korea.

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 size of the purchase order RONN (OTC:RONN) received for hydrogen electrolyzers?

RONN received an MOU purchase order for 60 patented electrolyzers (up to 600 MWH each) and 60 patented low-pressure storage units.

How much capital guarantee did Scottish Enterprise International provide to RONN (OTC:RONN)?

Scottish Enterprise International provided a $300 million capital guarantee for Capex infrastructure purchases.

What is the purpose of RONN's (OTC:RONN) joint venture with HES?

The joint venture aims to develop, manufacture, and deploy electrolyzers for hydrogen production, combining both companies' expertise and resources for sustainable energy solutions.