Las Vegas-based Barrel Energy has announced that it has signed a Memorandum of Understanding (MoU) with Hyderabad-based Roshan Energy Technologies for lithium battery development and production in India and North America.
As part of the venture, Barrel will become a majority stakeholder in Roshan Energy Technologies providing it with a platform for expansion into the substantial Indian market and into international markets. The two firms plan on instituting 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 specialized batteries and over 350 published technical papers will lead the team with the aim of designing customized solutions for battery development, improvement, and recycling.
As part of this transformative deal, Roshan and Barrel will initially institute a lithium battery manufacturing facility in India. Plans for the facility with a three-phase rollout of powerful products have 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.