RONN Working with Chinese On Vehicle Batteries

By on May 20, 2019 in IN THE NEWS

Official Signing of Joint Venture Agreement

RONN Motor Group, Inc. has executed a three-way joint venture in the People’s Republic of China to co-develop zero-emission, all-electric, hydrogen fuelcell/battery vehicles.

RONN will retain 51-percent controlling interest and its two new partners, Durabl Motors Co. and Jiangsu Hanwei Automotive, Co., will hold the remaining 49 percent.

General terms include 10-million shares priced at $5 per share, clean-energy expertise, automotive engineering prowess, a portfolio of patented nanocomposite technology, and patents relating to fuel-cells and graphene (provided by RONN Motor Group).

The joint venture partners’ contributions include more than 3-million square feet of manufacturing space in two factories, with a potential capacity of up to 300,000 vehicles per year.

Ronn Ford, CEO, stated that the initial thrust of this joint venture would be toward lightweight, nanocomposite, commercial vehicles such as buses with zero-emission, hydrogen fuel-cell/battery power systems. Ford also said that RONN Motor Group has been in negotiations with several China provinces to build a super factory to produce a full line of midlevel to luxury passenger vehicles and SUVs, beginning with the next generation all-electric hydrogen fuel cell/battery sports car—Phoenix.

China has been the world’s largest automobile market since 2009. The 2017 domestic automobile sales reached 28.94 million units, ranking it first in the world for the past nine years, according to the China Association of Automobile Manufacturers.