Ronn Ford, CEO, stated: “These buses are expected to be 30 percent lighter using our new nano-composite and fuel cell technologies which will both extend driving range. Although built inside China for China, we fully expect to export these buses to developing hydrogen economies such as California and London.”
Additionally, “Our executive team are in talks with the governments of three provinces who are seeking to co-develop with us and begin advancing sustainable hydrogen technologies and infrastructure,” he also stated.
Kevin Hong, founder and Chairman of Arbor Lake Capital, the advisory group for RMG, added, “These fuel cell commercial vehicles in China are expected to have much better range than all battery powered vehicles. Also hydrogen fuel cell fleets only need one sustainable hydrogen fuel station per fleet. As the market develops the infrastructure will normalize and support major growth.”
Last month, RMG announced the execution of a definitive three-way joint venture agreement with US$ 100 million registered capital. RMG will retain 51% controlling interest and its two new partners – Dr. Wong, founder and chairman of Durabl Motors, who was a former Detroit automotive executive, and Mr. Meng, founder and chairman of Jiangsu Hanwei Automotive – will retain 30% and 19% collectively of the joint venture.
Companies: RONN MOTOR GROUP, INC.
Industries: Automotive and Road Transportation