California-based EV technology firm ZeroNox Inc. and Ghana’s Jospong Group of Cos. are creating a joint venture aimed at advancing fleet electrification and clean energy solutions in Africa.
The two companies unveiled details for a large fleet retrofit electrification project in Ghana. Through the agreement, 1,000 refuse trucks from Jospong subsidiary Zoomlion will be converted from gas to electric power utilizing the ZeroNox Electric Powertrain Platform (ZEPP).
“We are excited to partner with a global leader like the Jospong Group in executing the world’s largest fleet retrofit electrification project,” ZeroNox co-founder and CEO Vonn Christenson said. “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.”
Electrification of the Jospong refuse truck fleet is projected to reduce carbon dioxide emissions by 400,000 metric tons over five years compared to gas-powered vehicles, according to the press release. The company also could save an estimated $323 million in energy and maintenance costs over the period.
“I am delighted about this partnership, which holds great prospect for the sustainability agenda of Ghana and Africa as a whole,” Joseph Siaw Agyepong, founder and Executive Chairman of the Jospong Group and Zoomlion Ghana Ltd. “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.”
ZeroNox previously has signed a combination with publicly traded special purpose acquisition Company Growth for Good Acquisition Corp. to create a ZeroNox that is likely to enter the public equity market, subject to Growth for Good shareholder and closing approvals.
SPACs such as Growth for Good are specially designed acquisition companies which are incorporated within a limited time span to create a pathway for a merger or combination with a privately held business. It is considered an alternative to the traditional initial public offering method of entering the stock trading markets.
