Cherry Hill, New Jersey-based Triton Solar signed a Memorandum of Understanding with the Andhra Pradesh Economic Development Board to set up a solar battery manufacturing unit in the state under a public-private-partnership model.
Triton will invest $103 million in the plant which will produce batteries based on nano and lithium polymer technology. It aims to reach an annual capacity of 200 MW. According Motilal Oswal, a brokerage house, in the next five years, India’s lithium-ion battery industry will be worth $42 billion. The opportunity for manufacturing battery cells, the most critical part of a lithium-ion battery pack itself would be worth $15 billion.
Founder and chairman of Triton Solar, Himanshu B. Patel said that Triton’s Power Backup solution comes as a service offering delivered on monthly rental plans. Customers can avail the solar-based power backup solution for all their power needs including mission critical and regular household operations.
