RONN Inc Provides Update and Expounds on Recent Joint Venture Details
Rhea-AI Summary
RONN Inc announces expansion of its Joint Venture with HES, targeting the development of hydrogen production hubs. Initial plans for 10 hubs have grown to potentially over 50 hydrogen systems. Each hub is designed to produce 1,000 kilograms of pure green hydrogen daily, with potential revenue of $5.47 million annually per hub at $15 per kilogram. The company is in discussions with a global manufacturer to produce HES's patented products and integrate RONN's logistic hydrogen vehicles. The global hydrogen market, valued at $242.7 billion in 2023, is projected to reach $410.6 billion by 2030.
Positive
- Potential annual revenue of $5.47M per hydrogen hub
- Expansion from 10 to 50+ planned hydrogen systems
- Partnership with global manufacturer for production
- Integration of logistics vehicles into operations
Negative
- Revenue projections based on assumptions and future market conditions
- Implementation timeline and costs not specified
News Market Reaction 1 Alert
On the day this news was published, RONN gained 20.00%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
SCOTTSDALE, AZ / ACCESSWIRE / October 29, 2024 / RONN INC. (OTC PINK:RONN) is excited to announce the significant growth prospects arising from its newly formed Joint Venture with HES.
Mr. Ronn Ford, CEO of RONN INC., recently revealed ongoing discussions aimed at establishing hydrogen production hubs utilizing HES's proprietary electrolyzers and storage systems. Initially targeting the development of ten hubs, these discussions have expanded to explore the establishment of over 50 hydrogen systems in the coming years. Mr. Ford expressed optimism about the negotiations, noting that RONN has been requested to submit a proposal regarding a potential share exchange for a portion of the project, which could enhance value for both organizations.
In addition to this, the HES Joint Venture has initiated discussions with a global manufacturer to produce their patented products, aiming to reduce costs and streamline the supply chain. The integration of RONN's logistic hydrogen vehicles into all ongoing talks and negotiations is also being prioritized.
Ronn Ford said, "The proposed hydrogen hubs are designed to produce 1,000 kilograms of pure green hydrogen daily. While these systems represent our entry-level offerings, they hold the potential for substantial revenue generation and are expandable in the future as demand. For instance, at an average projected price of
Market Size on a Global Scale
Revenue
In 2023, the global hydrogen market was valued at
Generation
In 2023, the global hydrogen generation market was valued at
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 daily hydrogen production capacity of RONN's (RONN) planned hubs?
How much potential annual revenue could each RONN (RONN) hydrogen hub generate?
How many hydrogen systems is RONN (RONN) planning to establish?
