EV Manufacturer Triton Electric Vehicle Issues Bharat Electronics an Rs. 8,060 crore Letter of intent to Purchase of Battery Packs.
In order to address the needs of the Indian market and mutually agreed-upon export markets, BEL has also inked a memorandum of understanding (MoU) with Triton Electric Vehicle for the invention of hydrogen fuel cells by BEL with knowledge transfer from TEV.
According to a regulatory filing, the Indian subsidiary of electric vehicle manufacturer Triton Electric Vehicle has issued a letter of intent to Bharat Electronics, a public sector defense organization, for the purchase of battery packs for the semi-truck project in India. The estimated cost of the battery packs is Rs 8,060 crore.
According to the document, Triton will receive the 300-kilowatt lithium-ion battery packs from Bharat Electronics (BEL) over the course of 24 months beginning in January 2023.
According to the filing, Triton Electric Vehicle India Pvt Ltd, a subsidiary of Triton Electric Vehicle LLC in the United States, “today issued a letter of intent to Navaratna Defense PSU Bharat Electronics (BE) for procurement of 300 KW Li-Ion battery packs for its semi-truck project in India at a counted value of Rs 8,060 crore.”
At Defexpo 2022 in Gandhinagar, Triton Electric Vehicle LLC CEO and Founder Himanshu B Patel presented a letter of intent to BEL Chairman and Managing Director Dinesh Kumar Batra.
“Triton has given BEL the purchase order for a one-time amount with a 100% advance payment.
The first-off quantity would be delivered by BEL by November 2022.
The battery packs would be produced at the BEL plant in Pune, “the document stated.