Triton EV Signs MoU for 2,100 Crores Investment in Telangana

Triton Electric Vehicle, LLC, the US-based electric vehicle (EV) subsidiary of a leading solar panel and battery engineering firm, Triton Solar, has announced signing a Memorandum of Understanding (MoU) with the state of Telangana to set up its manufacturing plant with an investment of Rs. 2,100 Crores.

The EV major has announced that it will start hiring employees the next month. The company is claiming to create around 24,000 jobs in the state with the opening of its state-of-the-art manufacturing plant in Telangana’s Zaheerabad. According to a statement released, the plant is expected to be built in a million square feet of area.

According to Triton EV, it is planning to invest about USD 1.5 billion in this manufacturing facility over the next five years. The first tranche of USD 300 million will be infused in the upcoming months. Interestingly, the company already has USD 2.2 Billion worth of purchase orders from India.

The MoU between Triton EV and the Telangana Government was signed through video conferencing. The facility will produce Triton EVs for the Indian domestic market and other regions, including Bangladesh, Sri Lanka, Nepal, and the entire Middle East region.

According to the Chairman & Managing Director of the EV major, Mr. Himanshu Patel, this is a great milestone for Triton EV and the Indian Electric Vehicle’s sector. In addition to this, The automotive-related MSME ecosystem in Telangana state is also likely to get a great booster with our manufacturing.

Additionally, the Triton EV manufacturing facility will not be an assembly line for the cars, but it will make and produce most of the critical products and components required to produce a best-in-class EV. The in-house production capacity will differentiate Triton EV from others.

Consequently, the Telangana government has asked Triton for starting the construction asap along with all the basic and must-required approvals would be approved within 15 days. State’s Industrial Policy has exclusive in India and for last six years, Telangana successfully bringing investments and creating jobs. In addition to this, Telangana has already given a 3000 EVs order to Triton EV.

The state is vigorously shifting towards EVs, as recently the Telangana State Renewable Energy Development Corporation Limited (TSREDCO) has signed an agreement with Navi Mumbai-based EV solutions company Magenta, under which TSREDCO will coordinate the transition of government officer to EVs across the state departments of Telangana.

Recently, in May this year, Triton EV signed a purchase order with Talwar Auto Garages PVT. LTD, for 2,000 Triton EV Semi Trucks. Talwar Auto Garages is the largest automotive distributor in Southern India. These 2000 electric semi-trucks are worth USD 300 million.

Before that in February 2021, the US-based EV major had announced its expansion plans in India with its manufacturing facility set up for EVs and energy storage systems.