According to foreign media reports, RONN Motor Group, Inc. (hereinafter referred to as "RONN") recently announced the signing of a three-party joint venture agreement. RONN will join forces with two joint venture partners in China to jointly sell and develop hydrogen fuel cell vehicles.

　　The joint venture has a registered capital of US$100 million. RONN will obtain a 51% controlling stake in the joint venture, while the other two partners will obtain 30% and 19% of the equity respectively.

　　As an important part of the agreement: RONN will provide 10 million shares, priced at $5.00 per share, automotive engineering skills, clean energy expertise, (provided by RONN Motor Group) related to fuel cells and graphene Patents and a range of patented nanocomposite technologies.

　　The other two partners of the joint venture will provide more than 3 million square feet of manufacturing space in the two factories. The total production capacity of the two factories may reach 300,000 vehicles/year (including: hydrogen fuel cell vehicles) and related equipment, and a complete set of electric vehicle production licenses.

　　The terms of the three-party joint venture agreement also include: RONN Motor Group will pay US$24 million in cash, based on manufacturing milestones.

　　In addition to fuel cell vehicles, RONN also plans to bring hydrogen energy infrastructure to China.

　　The joint venture will help promote the development of lightweight, nanocomposites, commercial vehicles (zero-emission buses and hydrogen fuel cell vehicles/battery power systems).

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