RONN Inc Provides Update and Expounds on Recent Joint Venture Details
SCOTTSDALE, AZ, October 29, 2024 (Newswire.com) - RONN INC. (OTC PINK:RONN) is excited to announce the significant growth prospects arising from its newly formed Joint Venture with HES.
Mr. Ronn Ford, CEO of RONN INC., recently revealed ongoing discussions aimed at establishing hydrogen production hubs utilizing HES's proprietary electrolyzers and storage systems. Initially targeting the development of ten hubs, these discussions have expanded to explore the establishment of over 50 hydrogen systems in the coming years. Mr. Ford expressed optimism about the negotiations, noting that RONN has been requested to submit a proposal regarding a potential share exchange for a portion of the project, which could enhance value for both organizations.
In addition to this, the HES Joint Venture has initiated discussions with a global manufacturer to produce their patented products, aiming to reduce costs and streamline the supply chain. The integration of RONN's logistic hydrogen vehicles into all ongoing talks and negotiations is also being prioritized.
Ronn Ford said, "The proposed hydrogen hubs are designed to produce 1,000 kilograms of pure green hydrogen daily. While these systems represent our entry-level offerings, they hold the potential for substantial revenue generation and are expandable in the future as demand. For instance, at an average projected price of $15 per kilogram, the revenue could reach approximately $5.47 million annually (calculated as $15 per kilogram x 1,000 kilograms per day x 365 days) per Hub.
Market Size on a Global Scale
Revenue
In 2023, the global hydrogen market was valued at $242.7 billion, and is projected to reach $410.6 billion by 2030, with a compound annual growth rate (CAGR) of 7.8%.
Generation
In 2023, the global hydrogen generation market was valued at $158.8 billion, and is expected to grow at a CAGR of 10.2% from 2023 to 2028. Fortune Business Insights projects that the market will grow from $176.74 billion in 2024 to $278.26 billion in 2032, with a CAGR of 5.84%.
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
Source: RONN
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