Vegas-based Barrel Energy Signs MoU for Lithium Battery Production in India

Las Vegas-based Barrel Energy has signed an MoU to partner with Roshan Energy for Lithium Battery development and production in India and NA.

Advertisment

Las Vegas-based Barrel Energy, an energy and minerals sector player, has announced that it has signed a Memorandum of Understanding (MoU) to enter a partnership with Roshan Energy Technologies, located in Hyderabad, India, for Lithium Battery development and production in India and North America.

As part of the venture, Barrel will become a majority stakeholder in Roshan providing it with a platform for expansion into the massive Indian market and into international markets. The two firms plan on establishing a US-based manufacturing unit for key battery designs within Roshan’s line of Lithium products.

A joint R&D division will be developed in conjunction with Barrels’ Nevada Tech Center as part of the partnership. Roshan’s Ashok Shukla, a professor emeritus with 40 years' research experience of specialised batteries and over 350 published technical papers will lead the team with the aim of designing customised solutions for battery development, improvement, and recycling.

Advertisment

As part of this transformative deal, Roshan and Barrel will first establish a Lithium Battery Manufacturing facility in India. Plans for the facility with a three-phase rollout of powerful products has been in development by Roshan’s CEO and engineering team leader, S.A. Gaffoor. A veteran electrical engineer and entrepreneur, he over 25 years in designing and developing industrial battery products and holds 10 patents for advanced battery technologies.

Roshan has already developed strong partnerships in China with deals with Guangzhou Great Power Energy & Technology Co. and Suzhou Chilwee New Energy Power Technology and has an impressive line of Lithium Battery products for EVs, medical equipment, solar street lighting, the telecom industry as well as medium and large energy storage.

Recently, Union Minister Nitin Gadkari has said that the government will adopt an integrated approach and come out with a policy to make India self-reliant in the area of advanced battery technologies to power EVs and other applications. Diving in an integrated approach for developing indigenous fuel cells in the field of EVs, the minister affirms, India today stands at the cusp of becoming the world leader in this field as well as automobile manufacturing.