In This Article:
SCOTTSDALE, AZ / ACCESS Newswire / April 16, 2025 / Ronn Inc. (OTC PINK:RONN), following its recently announced Phase One Strategic Agreement in the Kingdom of Saudi Arabia, today announced the execution of a Phase Two strategic investment joint venture agreement with prominent Saudi partners.
Mr. Ronn Ford, CEO of RONN Inc., stated:
"This agreement outlines a 50/50 Joint Venture structure and a 90/10 financial commitment with a highly respected Saudi infrastructure group. This milestone represents a pivotal advancement in Ronn's strategic expansion into the Middle East and strengthens our positioning as a leader in global hydrogen innovation."
Key Structure of the Joint Venture:
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50/50 Equity Ownership between Ronn Inc. and its Saudi partner
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90/10 Capital Commitment, with the Saudi group providing 90% of the funding for infrastructure, including office setup and early-stage manufacturing development in both the U.S. and Saudi Arabia
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Initial funding to support completion of Class 3-6 hydrogen logistic truck prototypes with Roush, manufacturing tooling, and the launch of production in the U.S.
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Development of a secondary plant in Saudi Arabia for the deployment of logistic vehicles across major Saudi cities
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Creation of hundreds of manufacturing and R&D jobs across both the United States and Saudi Arabia
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Completion of Hypercar engineering and tooling in the U.S., with final assembly and factory development in Saudi Arabia to meet regional demand
Ronn Inc. will contribute executive leadership, intellectual property, proprietary hydrogen technology, and strategic relationships with U.S. manufacturers such as Roush and Magna.
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Mr. Ford continued:
"This JV and the financial commitment arrive at a time when Saudi Arabia is accelerating its multi-trillion-dollar economic transformation, including a publicly announced $1 trillion investment initiative targeting U.S. strategic industries. World-scale hydrogen projects like the $8.4 billion NEOM Green Hydrogen Plant-the largest of its kind-are transforming the global energy landscape. With hydrogen positioned as a cornerstone of Vision 2030, this joint venture is engineered to move at the speed of Saudi ambition."
"Our partner's commitment to funding 90% of this venture, including boots-on-the-ground support from office setup to manufacturing infrastructure, represents the kind of visionary alignment we've been building toward. Vision 2030 is accelerating. This is the moment-and this is the region. This partnership will help fuel the next era of hydrogen transportation."