Wardwizard Innovations & Mobility Ltd, which makes electric vehicles under the ‘Joy e-bike’ brand in India, has inked a memorandum of understanding (MoU) with Triton EV, a U.S.-based electric vehicle manufacturer.
The MoU signals a strategic collaboration between the two. The five-year pact aims to revolutionize the electric vehicle landscape in both India and the UAE.
The MOU was signed by Himanshu Patel, Founder of Triton EV, and Yatin Sanjay Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Limited.
Under this, Triton EV has selected WIML as its manufacturing partner for battery-operated trucks in India and the UAE. The MoU also provides for WIML to expand its manufacturing capabilities to produce two- and three-wheelers for Triton EV. The collaboration emphasizes a shared commitment to fostering the growth of the electric vehicle industry and aligning with the government’s vision of enhancing green mobility, a release said.
Technology Transfer
Under the MoU, Triton will transfer technology for hydrogen battery packs used in two- and three-wheelers. Also, it will provide vital technology assistance for setting up production lines and expansion in India.
A unique aspect of this collaboration is the agreement to share respective vendors and suppliers, ensuring a seamless and efficient business operation. Additionally, WIML will play a pivotal role in vendor development for both parties, ensuring a robust and interconnected supply chain.
Production Unit
WIML plans to commence the manufacturing of hydrogen battery-operated trucks, two-wheelers and three-wheelers in India in coming days in partnership with Triton EV.
“Under the partnership, we are poised to combine our manufacturing expertise with Triton’s cutting-edge technology, redefining the electric vehicle landscape in the market,” Yatin Sanjay Gupte, Chairman & Managing Director, Wardwizard Innovations, said in a release.
“This MoU marks a significant milestone in our expansion plan as we enter new markets. We are delighted to partner WardWizard, which comes with a skilled workforce and one of the best manufacturing capabilities. This association will not only help strengthen our presence across the Indian and UAE markets but will also support the EV industry’s growth with advanced products and cutting-edge technology,” said Himanshu Patel, Founder, Triton EV.
Also Read
Wardwizard To Invest INR 2,000 Cr In EV Ancillary Cluster In Gujarat