Jospong Group subsidiary Zoomlion’s
all-electric refuse truck prototype, powered by ZeroNox technology,
takes its first drive at electrification project unveiling.
Zero Nox Inc. (“ZeroNox” or the “Company”), a leading provider
of sustainable, off-highway vehicle electrification, celebrated the
launch of its partnership with the Jospong Group of Companies
(JGC), one of Ghana’s most diversified holding companies, with the
formal signing of the Joint Venture agreement today at ZeroNox
headquarters to advance clean technology solutions in Africa.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230504006086/en/
Executive Chairman of the Jospong Group,
Dr. Joseph Siaw Agyepong, and the Chief Executive Officer of
ZeroNox, Mr. Vonn Christenson, signing a Memorandum of
Understanding for the project takeoff. (Photo: Business Wire)
Leaders from the U.S. Legislature and Ghanaian government joined
ZeroNox Co-Founder and CEO Vonn Christenson, Co-Founder and
President Robert Cruess, COO Jason Eggett, and CTO Jacob Gotberg in
commemorating this step toward a cleaner future for all, made
possible by ZeroNox’s industry disrupting technology.
The unveiling of the world’s largest fleet retrofit
electrification project and the signing of the joint venture
agreement between ZeroNox and the Jospong Group mark significant
milestones for both companies and leverage Ghana as the gateway to
electric vehicle and related technology distribution throughout
Africa. Through this agreement, 1,000 refuse trucks from the
Jospong Group subsidiary, Zoomlion, will be converted from gas to
electric power utilizing the ZeroNox Electric Powertrain Platform
(“ZEPP”). A prototype of the all-electric refuse truck -- the first
of its kind and a significant achievement in the Refuse Truck
Electrification Project made its premier during the event as
well.
The electrification of Jospong Group’s 1,000-refuse truck fleet
by ZeroNox is projected to reduce the amount of CO2 in the
atmosphere by 400,000 metric tons over five years, the equivalent
of 18 million mature trees. Estimated savings are $323 million over
five years, and as a result the Jospong Group will generate a
return on their investment in less than three years.
“We are excited to partner with a global leader like the Jospong
Group in executing the world’s largest fleet retrofit
electrification project,” said Christenson. “This partnership
emerged out of an alignment in the missions of our two
organizations – a desire to deliver a better and more sustainable
future and one where we can reduce carbon emissions without
diminishing vehicle performance. We look forward to fostering
similar, high-impact strategic partnerships in the future.”
During the event, ZeroNox and Jospong Group were presented with
an award by the Ghanaian Government recognizing their contributions
to global carbon emission reduction and the education of Ghana’s
youth about green technology solutions.
“I am delighted about this partnership, which holds great
prospect for the sustainability agenda of Ghana and Africa as a
whole,” said Dr. Joseph Siaw Agyepong, Founder and Executive
Chairman of the Jospong Group and Zoomlion Ghana Limited. “I am
very pleased to see that the Jospong Group is leading the
transition to green energy by powering our fleet with ZeroNox’s
highly differentiated technology. We believe this is a
game-changing collaboration, which will result in the mutual
benefit of our people.”
As previously announced, ZeroNox signed a definitive business
combination agreement with The Growth for Good Acquisition Corp.
(Nasdaq: GFGD) (“Growth for Good”), a publicly traded special
purpose acquisition company, that is expected to result in ZeroNox
becoming publicly listed. Completion of the transaction is subject
to approval by Growth for Good’s shareholders and other customary
closing conditions.
About ZeroNox
ZeroNox is leading the electrification of off-highway commercial
and industrial vehicles, with best-in- class LFP batteries and an
electric powertrain platform (“ZEPP”) that is cleaner, high
performing, and cost effective. As a first mover in the advanced
off-highway electric vehicle (OHEV) powertrain market, ZeroNox is
proudly designed and engineered in America, with offices in
Porterville, California.
For more information, visit: https://www.zeronox.com and
https://www.linkedin.com/company/zeronox/
The information contained on, or accessible through, ZeroNox’s
website is not incorporated by reference into this press release,
and you should not consider it a part of this press release.
About Growth for Good
Growth for Good, led by CEO Yana Watson Kakar, President Dana
Barsky, and Chairperson of the Board of Directors, Vikram Gandhi,
focuses on sustainable, socially responsible companies with strong
business fundamentals, high growth potential and a readiness to
scale in the public markets. Our team of highly reputable
sustainability investors and seasoned business operators seek to
add strategic and operational as well as financial value to our
merger partner. Growth for Good believes the market opportunity for
sustainable companies has never been stronger and looks forward to
supporting a company that will contribute to the decarbonization of
the global economy.
For more information, visit: https://www.g4ginvestment.com and
https://www.linkedin.com/company/growth-for-good-acquisition-corp/
The information contained on, or accessible through, Growth for
Good’s website is not incorporated by reference into this press
release, and you should not consider it a part of this press
release.
About Jospong Group of Companies
Jospong Group of Companies is a wholly Ghanaian holding company
with interest in over 60 subsidiaries operating in Africa, Asia and
America. Established in 1995 with a core business of printing and
publishing, the company has in the last couple of years, grown into
conglomerate with operations in 14 sectors of the economy. It is
one of the most diversified private companies in Ghana and has
directly and indirectly created over 200,000 jobs along the value
chain.
The vision of the Group is to become the most successful African
Holding company leading in every sector we operate in, with a
simple mission of improving the lives of people. Jospong Group's
core business is to identify gaps, churn out innovative businesses
and build capacities to provide value and nurture them to become
market leaders; fit to play on both the local and international
markets. The companies have been clustered into five main Groups
namely…
- Environment and Sanitation
- Technical and Logistics
- Commercial and Allied Services
- ICT Group
- Banking and Finance
For more information, visit: https://www.jospongroup.com and
https://www.linkedin.com/company/jospong-group-of-companies/
The information contained on, or accessible through, Jospong
Group of Companies’ website is not incorporated by reference into
this press release, and you should not consider it a part of this
press release.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws with respect to
the proposed transaction between Growth for Good and ZeroNox. These
forward-looking statements generally are identified by the words
“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to: (i) actual market adoption and growth rates of
electrification technologies for commercial and industrial
vehicles; (ii) ZeroNox’s ability to convert trial deployments with
truck fleets into sales orders; (iii) delays in design,
manufacturing and wide-spread deployment of ZeroNox’s products and
technologies; (iv) failure of ZeroNox’s products to perform as
expected or any product recalls; (v) ZeroNox’s ability to expand
its relationships with OEMs and fleet owners, and its distribution
network; (vi) ZeroNox’s ability to develop vehicles of sufficient
quality and appeal on schedule and on large scale; (vii) ZeroNox’s
ability to raise capital as needed; (viii) management’s ability to
manage growth; (ix) the macroeconomic conditions and challenges in
the markets in which ZeroNox operates; (x) the effects of increased
competition in the electrification technology business; (xi)
ZeroNox’s ability to defend against any intellectual property
infringement or misappropriation claims; (xii) the risk that the
transaction may not be completed in a timely manner or at all,
which may adversely affect the price of Growth for Good ’s
securities, (xiii) the risk that the transaction may not be
completed by Growth for Good ’s business combination deadline and
the potential failure to obtain an extension of the business
combination deadline if sought by Growth for Good, (xiv) the
failure to satisfy the conditions to the consummation of the
transaction, including the adoption of the Merger Agreement by the
shareholders of Growth for Good and the receipt of certain
governmental and regulatory approvals, (xv) the occurrence of any
event, change or other circumstance that could give rise to the
termination of the Merger Agreement, (xvi) the effect of the
announcement or pendency of the transaction on ZeroNox’s business
relationships, operating results and business generally, (xvii)
risks that the proposed transaction disrupts current plans and
operations of ZeroNox and potential difficulties in ZeroNox
employee retention as a result of the transaction, (xviii) the
outcome of any legal proceedings that may be instituted against
ZeroNox or against Growth for Good related to the Merger Agreement
or the proposed transaction, (xix) the ability to maintain the
listing of Growth for Good’s securities on a national securities
exchange, (xx) the price of Growth for Good’s securities may be
volatile due to a variety of factors, including changes in the
competitive industries in which Growth for Good plans to operate or
ZeroNox operates, variations in operating performance across
competitors, changes in laws and regulations affecting Growth for
Good’s or ZeroNox’s business and changes in the combined capital
structure, (xxi) the ability to implement business plans,
forecasts, and other expectations after the completion of the
proposed transaction, and identify and realize additional
opportunities, and (xxii) the risk of economic downturns and a
changing regulatory landscape. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the other risks and uncertainties described in the “Risk Factors”
section of Growth for Good’s registration on Form S-1 (File No.
333- 261369), the Registration Statement on Form S-4 discussed
above and other documents filed by Growth for Good from time to
time with the SEC. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Growth for Good
and ZeroNox assume no obligation and do not intend to update or
revise these forward-looking statements, whether as a result of new
information, future events, or otherwise. Neither Growth for Good
nor ZeroNox gives any assurance that either Growth for Good or
ZeroNox or the combined company will achieve its expectations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230504006086/en/
ZeroNox For Media: ZeroNoxPR@icrinc.com
For Investors: ZeroNoxIR@icrinc.com
Jospong Group Sophia Kudjordji skudjordji@jospongroup.com
+233202010035
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