We received initial funding for phase one of our local PRC JV’s , the RONN Taixing Automobile Hydrogen Technology Center (Pictured Above)
The agreement is a RONN 51% and Local PRC 49% arrangement
20,000,000 USD total commitment between RONN and Government
4,500,000 phase one (prototype development/operations US) 51% 2,300,000 USD RONN/Private - 49% 2,200,000 USD Government
Today PRC deposited 15,000,000 RMB – 2.2 million USD we have received the deposit slip.
Includes many incentives both long term and short term
Office building for our Chinese headquarters in Shanghai free for 3 years
Land and subsidies for future development of manufacturing or operations in their district among others.
Cooperation with Arbor Lake Capital to raise addition funding to build and maintain future operations in China