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Triton Electric Vehicle Issues INR 8060 Cr to BEL for Battery Purchase

Opportunity India Desk
Opportunity India Desk Oct 20 2022 - 2 min read
Triton Electric Vehicle Issues INR 8060 Cr to BEL for Battery Purchase
Under this deal, BEL will deliver the battery packs to Triton in 24 months starting from Jan 2023. BEL has received this amount as 100 per cent advance payment for first-off quantity and is promising to deliver it by November 2022.

Indian subsidiary of Triton Electric Vehicles LLC, USA, Triton Electric Vehicle (TEV) India Pvt Ltd, announced an issuance of INR 8060 Cr to Navratna Defence PSU Bharat Electronics Limited (BEL) for procurement of 300 KW Li-Ion Battery Packs. Triton India is working on a Semi-Truck project in India since and this issuance is also in line with the same project.

Chief Executive Officer of Triton Electric Vehicle LLC, Himanshu B Patel gave Letter of Intent to Dinesh Kumar Batra, CMD, BEL. All this happened in the presence of Manoj Kumar, Executive Director, BEL at DefExpo 2022 held in Gujarat, India.

Under this deal, BEL will deliver the battery packs to Triton in 24 months starting from Jan 2023. BEL has received this amount as 100 per cent advance payment for first-off quantity and is promising to deliver it by November 2022.

Himanshu B Patel commented on this deal by saying, ““We are committed towards building best in class product range in advanced mobility segment specially. Triton EV Semi-Truck and Triton’s Hydrogen-Powered Vehicles will definitely going to be industry leading products in their respective categories. In order to build such robust product range, I am happy to get closely associated with BEL as their technical expertise shall ensure best-in-class quality standards which will be our prime focus.”

DefExpo 2022, said to be India's biggest-ever defence exhibition, started on October 18th and will end up on 22nd October, 2022. This is 12th edition of the event, being organised on the theme 'Path to Pride' inaugurated by Prime Minister Narendra Modi on October 19.

At the DefExpo 2022 in Gandhinagar, TEV displayed a Defence hydrogen scooter along with a Special Purpose Off- Road Dirt Bike. It displayed TEV’s flagship 5kw hydrogen system too. India’s flagship Navratna Defence PSU- Bharat Electronics Ltd (BEL) has signed a Memorandum of Understanding, on the second day, with Triton Electric Vehicle (TEV), for the manufacturing of Hydrogen Fuel cells. 

The MoU aims at tapping the demand for clean energy solutions for various applications including for , by leveraging the thrust for the adoption of clean energy fuels for applications in transport, energy storage, etc.

This MoU will help the nation adopt Government of India’s practices of clean energy by using E- Mobility as a tool. Moreover, adoption of other applications and transformation in energy storage technology are said to be other benefits of this deal.

"This is indeed a great collaboration for delivering cutting edge and truly environment-friendly mobility. Hydrogen is the cleanest energy form for today's mobility and this collaboration will ensure India's global leadership in Advance Mobility," added Patel.

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