HYDERABAD: US-based Triton Solar has entered into an equal partnership joint venture with Arreda Homes for setting up a manufacturing facility in Andhra Pradesh. The company has announced an investment of 100-150 million USD (more than Rs 600 crore) for the manufacturing and marketing of products.
“We manufacture solar batteries and panels using nanotechnology. Our solar panels have higher efficiency than traditional mono or polycrystalline solar panels, and the batteries last longer while weighing lesser than the existing batteries. We are confident of being a game changer in Indian market, which offers huge scope for growth and innovation. Our facility at Amaravati in Andhra Pradesh will start functioning from September 2018. Initially, it will function as an assembling unit, and produce solar storage batteries using battery cells imported from our facility in US. Later, we will produce the complete product here. We are planning to invest about 100-150 million USD on this facility, which will create about 2,000 job over the next two to three years,” said Himanshu B Patel, Founder & CEO of Triton Solar, after announcing the JV in Hyderabad on Friday.
The upcoming facility will initially have the capacity to produce solar batteries of about 30 MW capacity per month. Triton Solar has manufacturing facilities in New Jersey and California and markets its products globally. It is planning to set up another manufacturing unit in Telangana, after rolling out its unit in AP.