February 25, 2025 [Yahoo Finance]- RONN Inc. announced that its Joint Venture (JV) partner, Hydrogen Energy Systems Inc. (HES), has signed a landmark agreement with a significant South Korean chemical company for a “mega project” aimed at large-scale production of hydrogen, ammonia, nitrogen, and urea. The estimated project costs exceed USD 355 million, plus additional land procurement. Official names and further project details will be released upon compliance sign-off.

Under this agreement, HES and RONN will combine resources and expertise to design, engineer, and manage the project scope. Responsibilities for the HES/RONN JV include:

• Design & Engineering, Project Management, and Reporting: Overseeing critical infrastructure development, systems integration, and ongoing operational assessments.
• Quotation Assessments & Sub-Contracting Decisions: Evaluating technology and construction bids, ensuring transparency and cost efficiency.
• Financial Reporting & Consultation: Delivering strategic guidance on funding avenues, including debt and equity financing, and offering due diligence support.
• PEM Electrolyzer Manufacturing & Installation: Signing a separate manufacturing agreement to provide PEM (Proton Exchange Membrane) electrolyzers, which convert water into hydrogen. The JV will also install and commission all hydrogen production and storage equipment.
• Carbon Capture, Water Purification & Renewable Energy: Negotiating additional contracts that leverage byproducts from hydrogen production to maximize sustainability, create backup power solutions, and deliver purified water.

Who Is HES?

• Hydrogen Energy Systems Inc. (HES) is a global innovator in clean-energy solutions. The company specializes in advanced hydrogen production, storage, and distribution technologies that power various commercial and industrial applications. The HES-RONN partnership underscores both companies’ commitment to revolutionizing the hydrogen economy through scalable, real-world implementations.

Multiple Revenue Streams

• This mega project will capitalize on growing demand for hydrogen-widely recognized as a cornerstone of the low-carbon transition-andgenerate revenues from ammonia, nitrogen, and urea production. Urea is particularly significant in the diesel trucking industry as a required fluid for emissions control, and it remains a high-demand fertilizer worldwide. By integrating these products into a single, vertically aligned project, the JV is positioned to tap into multiple high-growth markets.
• “This agreement represents a giant leap forward in our global clean-energy ambitions,” said Mr. Harry McGregor of HES. “By collaborating with RONN, we’re creating a broad portfolio of sustainable and profitable solutions for industries that need them most.”

Strategic and Financial Opportunities

• The HES/RONN JV stands to benefit from emerging opportunities in hydrogen-related projects around the globe. With the addition of ammonia, nitrogen, and urea production, the partnership expands into crucial sectors such as agriculture, heavy transport, and industrial manufacturing. These diverse revenue streams position both companies to capture a significant share of the booming hydrogen economy, which experts project could exceed USD $300 billion by 2030.

Forward-Looking Statements

• This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the estimated costs, project timelines, potential revenue streams, and the future impact of JV’s clean-energy technologies. These statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Factors include but are not limited to, market conditions, regulatory approvals, capital availability, and the ability of HES and RONN to successfully execute project milestones. RONN Inc. undertakes no obligation to revise or update any forward-looking statements for events or circumstances after the date of this release except as required by law.

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