Amit Saraswat 
RONN Inc., a company focused on hydrogen vehicles, is in discussions with Erisha Electric Vehicles, the hydrogen automotive/trucking EV division of the Rana Group (https://www.erishaev.com) in India, regarding a potential joint venture (JV). The discussions involve the possibility of a third Indian partner joining the venture.
Strategic Collaboration for Hydrogen Vehicle Market Entry
Dr. Darshan Rana, head of the Rana Group, expressed the group’s global ambitions for hydrogen vehicles and production through Erisha. The initial term sheet has been delivered, and both parties are currently engaged in final negotiations, due diligence, and exploring terms for the potential JV.
RONN Inc. CEO Ronn Ford highlighted the significance of this collaboration for the global hydrogen vehicle market. The JV would involve collaboration on engineering and homologation specifically for Erisha’s target markets.
Benefits of a Potential JV
Ford outlined several potential benefits of the JV for RONN:
- Cash infusion: The JV has the potential to provide a significant financial boost for RONN.
- Stock Exchange Listing: The collaboration could support RONN’s efforts to secure a listing on a senior stock exchange by the end of 2024.
- Distribution Network: The JV could establish a distribution network for RONN’s hydrogen hub pilot programs and logistic trucks.
Initial Sales Target and Next Steps
Ford revealed that negotiations include a preliminary sales target of 100 vehicles, contingent on a successful pilot program. This number could potentially increase to 1,000 vehicles.
A final in-person meeting to finalize and sign the JV agreement is scheduled for late July in New Delhi. Discussions also included the possibility of a separate meeting next week in Geneva for a supercar event. The target pricing for a class 6 HFEV delivery truck is expected to be around $275,000 per unit. This potential JV signifies a promising development for both companies and could accelerate the adoption of hydrogen-electric vehicles in India and beyond.
