PORTERVILLE, Calif.--(BUSINESS WIRE)--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.
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.
