Ronn Motor Group, Inc. have announced the execution of a definitive three-way joint venture agreement with $100 million 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% 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.