RONN (OTCMKTS:LPHM) Stock Gains Momentum: Here is Why
On May 16, 2023, RONN (OTCMKTS:LPHM), announced entering into a formal discussion with Pauline Muthigani based in Nairobi, Kenya. The discussion is aimed at the new Africa push for commercializing hydrogen energy in Kenya and then finally Africa in both stationary and mobile applications.
Trading Data
On Tuesday, LPHM stock lost 0.04% to $0.2799 with more than 10.95K shares, compared to volume of 28.80K shares. The stock moved within a range of $0.2310 – 0.2799 after opening trade at $0.2310.
Ronn Ford, company CEO said that the alliance will be covering about 3 phases. Ford added that Phase 1 would deploy the new class 3-6 hydrogen-electric logistic trucks followed by strategic purchases and deployment across Nairobi, Kenya, and other African municipalities.
Ford confirmed that the deployment can commence by quarter one of the next year and that the company will work with Kenyan governments for land, tax, and regulatory concessions. The CEO said that Phase Two will be creating and implementing a hydrogen hub for mobile and stationary applications.
Pauline Muthigani, President of the Nairobi group said that Kenya would be having its first electric hydrogen trucks and that the firm is negotiating concessions needed from the government. Pauline confirmed that the firm has commenced work on its plan and expects a definite MOU within a couple of weeks. Muthigani added that the firm will push for commercializing hydrogen power, a clean environment as well as job creation in Kenya.
Headquartered in the US, Ronn aims to offer one-stop solutions for groups, cities, and individuals amongst others looking for de-carbonization alternatives.The company designs vehicles for providing solutions to many challenges in the transportation sector.
