A Letter of Intent (LoI) for the purchase of 300 KW Li-Ion Battery Packs for Triton’s Semi-Truck project in India was issued today by Triton Electric Vehicle India Pvt Ltd, a division of Triton Electric Vehicle LLC, USA, to Navratna Defense PSU Bharat Electronics Limited (BEL). The estimated cost of the purchase is 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 Mr. Manoj Kumar, Executive Director of BEL, and other senior officers of BEL and TEV.
BEL is an Indian company that specializes in aerospace and defense electronics called Bharat Electronics Limited (BEL). Production of cutting-edge electronic equipment for ground and aviation applications is its main line of business. One of the nine PSUs under the Indian Ministry of Defense is BEL. It has been recognized as a Navratna by the Indian government.
What is the deal all about?
BEL must deliver the battery packs to Triton within 24 months beginning in January 2023. Triton 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. 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.
BEL chairman and managing director Dinesh Kumar Batra received a letter of intent from Himanshu B. Patel, the CEO, and founder of Triton Electric Vehicle LLC, at Defexpo 2022 in Gandhinagar.
TEV has established a production facility and R&D center in India. It just entered the hydrogen-powered vehicle market and began producing buses, two-wheelers, and three-wheelers that operate on hydrogen. The cleanest energy source for modern transportation is hydrogen, and this partnership will ensure India’s leadership on the world stage of automobiles.