Jospong Group, ZeroNox sign deal to advance clean technology

The Jospong Group of Companies has reached a memorandum of understanding (MoU) with American firm ZeroNox, a leading provider of sustainable, off-highway vehicle electrification, to advance clean technology solutions in Africa.

Through the agreement, 1,000 refuse trucks from the Jospong Group subsidiary, Zoomlion, will be converted from Diesel engines 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.

The electrification of Jospong’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 US$323 million over five years, and as a result, Jospong will generate a return on their investment in less than three years.

The MoU also allows Jospong to distribute ZeroNox products throughout Ghana and other African countries and to combine their expertise, efforts, knowledge of the market and experience to establish a business partnership or joint venture (JV) in Ghana.

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.

Leaders from the U.S. legislature and Ghanaian government joined ZeroNox Co-Founder and Chief Executive Officer 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 Ghanaian delegation comprises Dr Joseph Siaw Agyepong, Executive Chairman of the Jospong Group, Hon. Hassan Tampuli, Hon. Kennedy Nyarko Osei, MP for Swedru and Chairman of the Roads and Transport Committee, George Walker, CEO of TechWorld, Mrs Florence Larbi, COO of the Environment and Sanitation Cluster, Mr Alex Attakora, COO of the Technical and Logistics Cluster, Noah Gyimah, Chief Investment Officer, Sophia Kudjordji, Chief Corporate, Communication Officer, Patricia Ofori Atta, Assistant Communications Manager, Loworki Ahulu Legal Manager and Strive Kakraba, Senior Communications Officer .

“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.

Executive Chairman of Jospong Group, Dr. Joseph Siaw Agyepong said he was happy because what started as a dream and an unreachable goal is today being unveiled before “our very eyes”.

“Thus, in 2022, the Jopsong Group established a collaboration arrangement with ZeroNox to pilot retrofitting three of our waste trucks into an electric vehicle in line with its vision of promoting clean energy and sustainability to drive the ESG agenda. In line with our mission of improving the lives of people, we seek projects and investments that focus on improving the environment and general well-being of our populace, and the electrification project fits perfectly into that agenda,” he commented.

The Deputy Minister of Transport, Hon. Alhassan S. Tampuli, hinted that the Ministry of Transport and the Energy Commission are in the process of rolling out key policy initiatives to oversee the transition of combustible engines to electricity vehicles.

"As businessman as he is, he has taken the lead so we need to catch up with him by setting up all the necessary ground rules to support the roll-up," he mentioned.

They share our vision for advancing environmentally sound development in the region. This momentous occasion is a critical step forward in electrification across Africa.”

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.

So far, a Zeronox team has visited Ghana and carried out the inspection of retrofitting factory site, and the location of a charging station. Three waste trucks have been shipped to the United States for the pilot phase which is currently underway, and expected to be completed by December 2023.

Commenting on the project, the Citi of Porterville Mayor, Martha Flores said she was honoured and privileged to be at the event to commemorate a historic international partnership.

“These two companies are leaders in the development of clean energy, sustainability, and technology.

“The partnership project is the world's largest electrification retrofit project. The Citi of Porterville is proud to have the innovative and forward-thinking ZeroNox company based in our community,” she said.

These two companies are bringing clean technology into Ghana and promoting sustainable development across Africa and that, the Citi of Porterville currently operates sustainable and clean public transportation and innovation-on-demand community services.

“We are grateful to have ZeroNox to support these endeavours.

We are proud to recognise the broad global impact that results from ZeroNox and Jospong Group working through this partnership, new opportunities for economic growth, and environmental stewardship are being created,” she further stated.

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.

About Jospong Group of Companies

The Jospong Group of Companies is one of the most diversified holdings companies in Ghana with operations in other African countries, Asia and the USA. The company has business interest in about 14 sectors of the economy with over 60 subsidiaries and its biggest operations in waste management, ICT and banking and finance, as well as automobile and equipment.