By Jarrett Banks
Triton Electrical Vehicle Founder Himanshu B. Patel likes to think big. So when the solar-power battery company turned its attention to the white-hot electric vehicle
(EV) market, he decided to build a massive electric SUV for the baller set. The company announced in April that is taking orders for an eight-seat SUV with a range of 700 miles called the Model H. Triton’s superior battery technology allows the EV’s battery to also be used at home delivering clean energy to your household.
In an interview with IPO Edge, Mr. Patel also explained that the New Jersey-based company continues to expand and is evaluating a number of states for its first factory. Triton currently builds solar power storage, portable batteries and light towers and has operations around the world. Looking into the future, Mr. Patel said Triton has already secured quite a few high-profile orders for the SUV. And if a few NBA players want to show them off on Instagram, that’d be just fine with him. The full interview is below:
IPO Edge: We have seen other players in the electric vehicle industry like Tesla use a direct sales approach. How does Triton plan to create a distribution footprint and why?
We believe the cost of direct sales is expensive. Why recreate something that is not broken? Selling through dealerships is a proven model that allows us to penetrate global markets at a fraction of the cost. We have already been approached and identified dealerships in 21 countries so far. We are closing agreements with them as we speak. This also gives us increased speed to market and sales.
IPO Edge: Do you plan to build entire vehicles “from scratch” or is it better to focus on specific components and outsource others?
We are concentrating on the key components of the vehicle that that makes our car totally unique than anything else that is out in the market or even planning to be market in the next three to five years. No one has the battery that we have in terms of power range and the ability to use the battery to plug into your house to power your entire household with the “Power Home Link”(patent pending). Another thing we will focus on is the motor controller.
IPO Edge: Why were you focused on reaching ultra-long distance capabilities and what was the key to achieving that?
The concept of the electric vehicle since it first appeared was to create something that allowed a vehicle to reach long distances on one charge. So far, that has not happened and will not happen until our vehicle hits the market. EVs, right now — no matter how companies market them — are for the short range. You can’t call the current EV’s long distance, if you have to stop and charge the battery for two hours during your journey. How frustrating is that and more to the point isn’t that complete mis-selling?! This country is massive and we have built a battery that will allow a vehicle to travel approximately 700 miles on one 2-hour charge, which by any definition is long range. More importantly, should you wish to continue for another 700 miles you don’t need to charge your battery overnight but just for 2 hours. This is a complete game changer for the ordinary person and as well as the whole global logistics industry. In addition, even if you did a short journey of 20 miles, you’d still have enough power on one charge to power your whole home and household.
IPO Edge: How will your SUVs be priced?
Our base model vehicle will be priced at $140,000. You have so many in-built benefits with a lighter battery that lasts longer and can power your home if you choose.
IPO Edge: How are you able to fit such a powerful battery into a vehicle without adding excess weight?
Our battery weighs 1,800 pounds for 200 kilowatts of energy. Now compare that with a competitor battery which weighs 2,500 pounds for 100 kilowatts. In short, we save 700 pounds and are at least two times more powerful than our nearest competitor. This is truly a game changing scenario. Our unique technology allows us to do this. So far, we have invested close to $100 million in developing our battery technology.
IPO Edge: What are your thoughts on hydrogen in addition to batteries as a power source?
All we have seen regarding hydrogen is in the movies and in the press. So far, there is no developed model that we know that shows how hydrogen can be implemented. Simple physics and chemistry show that having a battery and hydrogen will make the vehicle very heavy. So far, it looks and feels like a dream.
IPO Edge: Tell us about the Net Metering opportunity with your battery?
This basically allows the owner of the Triton Model H EV via its Power Home Link to draw down power from the grid at off peak hours and contribute back in peak hours. To date, no one has been able to come up with a workable product that makes the EV truly holistically a green energy solution.
IPO Edge: So let me get this straight – are you saying that your EV actually offset’s its carbon footprint?
Absolutely correct. When an owner of a competitor EV is charging their vehicle they are a net user of energy. The owners of our EV will be able to give back excess energy to the grid. This has huge advantages to aging grid infrastructure and in short is much better for the environment than any of our competitors.
IPO Edge: What other areas are you working on?
We are spending a great deal of time and energy in devising combat vehicles. In addition, we believe that our technology will significantly disrupt the global logistics system and are working on next generation Semi -trucks which can charge in 15 minutes, tankers, cargo vessels and trains. This is the most exciting time to be alive!
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