USA’s Triton Electric Vehicle Issues Rs 8060 Cr LoI to Bharat Electronics for Battery Packs

Navratna Defence PSU Bharat Electronics Limited (BEL) has received a Letter of Intent (LoI) from USA-based and a subsidiary of Triton Electric Vehicle LLC electric vehicle company Triton Electric Vehicle India (TEV) for the purchase of 300 KW Li-Ion Battery Packs for its semi-truck project in India at an estimated cost of Rs. 8060 Crores.

At Defexpo 2022 in Gandhinagar today, Dinesh Kumar Batra, CMD of BEL, accepted the letter of intent from Himanshu B. Patel, CEO and founder of Triton Electric Vehicle LLC, in the presence of Manoj Kumar, Executive Director of BEL, and other top BEL and Triton personnel.

BEL must deliver the battery packs to Triton within 24 months beginning in January 2023. TEV has given BEL the Purchase Order for the initial amount together with a full advance payment. The first-off quantity will be delivered by BEL by November 2022.

In order to address the needs of the Indian market and mutually agreed-upon export markets, BEL has also signed an MoU with  TEV for the fabrication of hydrogen fuel cells by BEL with knowledge transfer from TEV.

By leveraging the Government of India’s push for the adoption of clean energy fuels for applications in transport, energy storage, etc., the MoU aims to meet the demand for clean energy solutions for a variety of applications, including for e-mobility.

Recently, the Pune Unit of Navratna Defence PSU Bharat Electronics Limited (BEL) manufactured Li-ion battery packs for the electric trucks of Triton, US, as part of an MoU signed between the two companies to explore manufacturing of battery cells in India for Energy Storage Systems and electric vehicles in the Heavy Vehicle segment for the requirements of customers in USA, India and other countries.

About BEL

In order to satisfy the demands of the Indian defence services for electronic Equipment, Systems, and Services, Bharat Electronics Ltd (BEL), a Navratna DPSU under the Ministry of Defence, Government of India, was founded in Bengaluru in 1954. Radar and fire control systems, weapon systems, communication, etc. are all areas where BEL is well-represented. BEL has been working hard to increase the scope of its non-defense solutions, including renewable energy, energy storage products for e-mobility, smart cities, jammers, and software, among others.

About Triton Electric Vehicle (TEV)

The Cherry Hill, New Jersey-based electric vehicle manufacturer Triton Electric Vehicle LLC recently established its R&D centre and manufacturing plant in India with top-notch infrastructure and knowledge. The business just entered the hydrogen-powered vehicle market and has begun producing buses, two-wheelers, and three-wheelers that operate on hydrogen.