Ronn Inc. Signs Jv Mou Agreement for Patented Low-Pressure Hydrogen Storage With Hydrogen Energy Systems Inc.

Rhea-AI Summary

RONN Inc. (OTC PINK:RONN) has announced an expanded MOU with Hydrogen Energy Systems Inc., focusing on patented low-pressure hydrogen storage solutions called Hydra-Paks. These will be implemented in RONN's hydrogen hub projects for Canadian First Nations agreements and adapted into RONN's HFC Mid-Mile Logistic vehicles for extended range.

The collaboration aims to promote sustainable low-pressure hydrogen technologies in both mobile and stationary applications. The US hydrogen energy storage market, valued at $3.17 billion in 2023, is expected to grow at a 5.3% CAGR from 2024 to 2030. Globally, the market is projected to expand from $11.4 billion in 2023 to $196.8 billion by 2028, driven by clean fuel demand and government efforts to reduce emissions.

Positive

• Expanded MOU with Hydrogen Energy Systems Inc. for patented low-pressure hydrogen storage solutions
• Implementation of Hydra-Paks in hydrogen hub projects for Canadian First Nations agreements
• Adaptation of patented technology into HFC Mid-Mile Logistic vehicles for extended range
• Potential for widespread adoption of sustainable low-pressure hydrogen technologies
• US hydrogen energy storage market expected to grow at 5.3% CAGR from 2024 to 2030
• Global hydrogen energy storage market projected to grow from $11.4 billion in 2023 to $196.8 billion by 2028

Negative

• None.

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SCOTTSDALE, AZ / ACCESSWIRE / August 21, 2024 / RONN In. (OTC PINK:RONN) announced that the Company, which has officially forged a new expanded MOU with Hydrogen Energy Systems Inc. with a specific focus initially on their patented low-pressure hydrogen storage solutions, known as "Hydra-Paks expanding to mutual third-party mutual project collaboration.

The Hydra-Paks will be implemented into RONN's hydrogen hub projects to provide turn-key, low-pressure green energy storage solutions for Canadian First Nations agreements already in place. The Patents are also expected to be adapted into RONN's HFC Mid-Mile Logistic vehicles for an even more extended range.

Mr. Ford stated that the success of this pilot project could pave the way for the widespread adoption of sustainable low-pressure hydrogen technologies and fostering global commitments to environmental consciousness in both our mobile and stationary applications. We are committed to providing the best and latest technologies available to build a better life for the planet.

HES executives added that the patented low-pressure hydrogen storage opens doors to applications where low-pressure storage would provide the key to success, such as schools, residential areas, airports, ships, and transportation platforms.

In 2023, the US hydrogen energy storage market was estimated to be worth $3.17 billion and is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2030. The industrial segment led the market in 2023, accounting for 40.56% of revenue. The global hydrogen energy storage market is also expected to grow from $11.4 billion in 2023 to $196.8 billion by 2028. Factors driving this growth include the demand for clean fuel, the transition to sustainable energy, and government efforts to reduce greenhouse gas emissions.

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the focus of RONN's new MOU with Hydrogen Energy Systems Inc.?

RONN Inc. has signed an expanded MOU with Hydrogen Energy Systems Inc., focusing on patented low-pressure hydrogen storage solutions called Hydra-Paks. These will be implemented in RONN's hydrogen hub projects and adapted for use in their HFC Mid-Mile Logistic vehicles.

How will RONN Inc. (RONN) use the Hydra-Paks technology?

RONN Inc. (RONN) will implement Hydra-Paks in their hydrogen hub projects to provide turn-key, low-pressure green energy storage solutions for Canadian First Nations agreements. They will also adapt the technology for use in their HFC Mid-Mile Logistic vehicles to extend their range.

What is the projected growth of the global hydrogen energy storage market according to RONN's press release?

According to RONN's press release, the global hydrogen energy storage market is expected to grow from $11.4 billion in 2023 to $196.8 billion by 2028, driven by demand for clean fuel, the transition to sustainable energy, and government efforts to reduce greenhouse gas emissions.

What was the estimated value of the US hydrogen energy storage market in 2023, as mentioned in RONN's announcement?

RONN's announcement stated that the US hydrogen energy storage market was estimated to be worth $3.17 billion in 2023, with an expected compound annual growth rate (CAGR) of 5.3% from 2024 to 2030.