Triton, Arreda to invest over Rs 2,000 cr in India

Triton Solar, New Jersey (US) based storage battery maker, has tied up with Arreda Homes to set up two assembly units one in Andhra Pradesh and the other in Telangana, with a cumulative investment of $300 million (over Rs 2,000 crore), with equal investment going into both the units.

The companies are gearing up to set up their first assembling unit near Guntur in Andhra Pradesh in a 3.5 acre land, where they have built a 41,000 sq ft building. The unit is expected to begin assembling of storage batteries from September this year. Post which, the company will scout for a suitable location in Telangana for their second assembling unit.

Triton founder and CEO Himanshu B Patel said, “We had been making our products for the last five years and exporting to various overseas markets from our US facilities. Our batteries are suited in application areas where power outages are an issue. For instance, in the hospital set up. We offer a clean and green energy alternative to the users. We are also working on developing new batteries that are non-lithium ion based, through our research and development.”

He added, “We are seeing a wide range of applications for our battery products and we will be talking to solar panel makers, residential developers, e-rikshaw manufacturers and hospitals on turnkey basis. We are also developing our own solar panels using nanotechnology and these will be rolled out soon. After setting up units in AP and Telangana, we intend to invest more in India both in terms of manufacturing and marketing.”

Arreda Homes founder NGV Rao told Telangana Today, “We are looking at both power generation and storage in India. We have far advanced printed solar films, which are 40 per cent more efficient than the products currently available in the market. We are keen to set up units for storage batteries in AP and Telangana to cater to the domestic market. We have some own lands in Telangana. Once we obtain industrial permissions, we will begin works on the unit here.”

“Both AP and Telangana units will attract $150 million investment each. Both Triton and Arreda could invest equally into the venture and financial modalities are being worked out. We are evaluating the demand in India at present and may add more facilities in future. India is estimated to have about 2 billion battery market. Automotive industry will be a major consumer for us. We will be catering to clients with both power generation and storage solutions,” he added.

Rao explained, Triton is constantly upgrading its technology and is bringing innovative products in the energy storage space. “With the fresh demand for electric vehicles, we see a huge demand for batteries. We want to provide green and clean energy solutions. We have tested the products in e-rikshaws and are seeing a mileage of 240 km with one full-charge.”