SCOTTSDALE, Ariz., Jan. 17, 2019 /PRNewswire/ -- RONN Motor Group, Inc. announced today the signing of two JV Strategic Partnerships on November 1, 2018 leading to a definitive 3-way Joint Venture to co-develop its all-electric, zero-emission, hydrogen fuel-cell/battery automobiles and trucks and buses. "While all specifics won't be released until all agreements are completed before January 31, 2019, RONN will retain 51% of the new energy vehicle Joint Venture relationship at $5.00 (USD) per share," said Ronn Ford, CEO.
Kevin Hong, founder and Chairman of Arbor Lake Capital, the advisory group for RMG, stated, "With the driving factors of NEV national policies and industries, the fuel cell commercial vehicles in China is expected to enter the regional maturity stage in 2020-2025 and will reach an outbreak growth in 2025-2030. In terms of fuel-cell passenger cars, it is expected that the market would enter the mass production stage in 2020-2025."
About RONN Motor Group, Inc.
As a leader in hydrogen technology, RONN Motor Group, Inc. is joining the race to reduce the carbon footprint and greenhouse gas effects by creating sustainable energy that will take us into tomorrow through the development of all-electric, hydrogen fuel-cell. zero-emission, long-range automotive and transportation platform designs. Go to www.ronnmotorgroup.com for more information.
China's automotive market is now the largest in the world, with government mandates to remove fossil fuel vehicles beginning in 2019. Additionally, Chinese leaders have recently announced that hydrogen will serve as the new energy to power New Energy Vehicles (NEVs) for the future as China transitions from battery technology to NEVs.
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SOURCE Ronn Motor Group, Inc.