With an investment of Rs 727 crore (US$103 million), the plant, which will produce batteries based on nano and lithium polymer technology, will be developed across a series of phases. It aims to reach an annual capacity of 200 MW.

Confirming the signing of the MoU with pv magazine, J. Krishna Kishore, CEO, APEDB, said it will be set up either in Vishakhapatnam or Chittoor, and should be operational by the end of the year.

“The state is charting its unique energy security mandate by investing ahead of capacity. Triton Solar finds synergies in investing in Andhra Pradesh’s energy model as the state is embarking on a renewed phase of industrialization,” Kishore said in a statement to pv magazine.

“With lowest T&D losses in the country, the state’s formidable position in energy efficiency and conversation efforts makes it an attractive destination for renewable energy manufacturing companies,” he continued.

According to an Andhra Pradesh government press release, Triton Solar’s chairman, Himanshu Patel and managing partner, Nand Sandilya came forward to set up the solar battery manufacturing plant, after Chief Minister N Chandrababu Naidu, who is currently on a U.S. tour, held discussions with the company’s top management on Tuesday in New York.

This June, Triton Solar signed a joint venture agreement with Arreda Homes Pvt Ltd to set up two solar battery assembly units – one in Andhra Pradesh; the other in Telangana – with a cumulative investment of $300 million.

The India Energy storage Alliance (IESA) has estimated that over 70 GW/200 GWh of energy storage opportunities in India by 2022. 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.

Headquartered in New Jersey, Triton Solar produces high efficient solar cells, flexible lighting and batteries. It has manufacturing facilities in New Jersey and California, and markets its products globally.

In 2015, the manufacturer signed a Letter of Intent (LoI) with government officials of Indian state Karnataka to build a $100 million printed solar cell factory. Production was set to begin the following August, alongside another fab, which was being constructed in the state of Madhya Pradesh.