Barrel Energy, a U.S.-based lithium-ion battery manufacturer, has signed a memorandum of understanding with Hyderabad-based Roshan Energy Technologies to develop and manufacture lithium-ion batteries in India and North America.
Barrel Energy said the company would become a majority stakeholder in Roshan Technologies to expand its Indian and international markets.
Roshan Energy will provide its technical resources and expertise, while Barrel Energy will help provide funds and international marketing abilities.
As a part of the deal, the two companies will build a lithium-ion battery manufacturing facility in India and the United States.
S.A. Gaffoor, Chief Executive Officer of Roshan Energy Technologies, is developing a plan for India’s production facility for a three-phase rollout of products. A joint research and development division is expected to be developed in collaboration with Barrel’s Nevada Tech Center.
“Roshan’s Ashok Shukla, a professor with 40 years’ research experience of specialized batteries, will lead the team with the aim of designing customized solutions for battery development, improvement, and recycling,” the company said.
Roshan Energy Technologies has also developed partnerships with Guangzhou Great Power Energy & Technology and Suzhou Chilwee New Energy Power Technology in China. The company develops lithium-ion battery products for electric vehicles, solar street lighting, and medical equipment.
Several companies have announced plans to develop a battery production facility in India in the last two years.
In March 2020, United States-based XNRGI announced that the company had opened a high-temperature lithium-ion battery factory in Gurugram, India. The facility has 240 MWh of battery production capacity.
Exide Industries, an Indian lead-acid storage battery manufacturer, and Leclanche, a global energy storage solutions provider, formed a joint venture to build a lithium-ion battery manufacturing facility in Gujarat and provide energy storage systems for India’s electric vehicle market and grid-based applications.
Mercom had earlier reported that Ather Energy signed a memorandum of understanding with the government of Tamil Nadu to set up a two-wheeled electric vehicle and lithium-ion battery manufacturing facility.
Image credit: NASA Glenn Research Center / Electrochemistry Branch
Harsh is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.