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LAS VEGAS, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Barrel Energy Inc. (the “Company” or “Barrel”) (OTC: BRLL) is pleased to announce it has signed a Memorandum of Understanding to enter a partnership with Roshan Energy Technologies Pvt. Ltd (“Roshan”), 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 allowing Barrel Energy the platform for expansion into the massive India market and into international markets. Roshan and Barrel plan on establishing a U.S. 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 first establish a Lithium Battery Manufacturing facility in India. Plans for the facility with a three phase roll out of powerful products has been in development by Roshan’s CEO and engineering team leader, Mr. S.A. Gaffoor. Mr. Gaffoor, a veteran electrical Engineer and entrepreneur, has over 25 years in designing and developing industrial battery products and holds 10 patents for advanced battery technologies.
India is a nation on the forefront of innovation and technology and represents one of the largest markets for Electric Vehicles (EVs) worldwide with plans to become an all EV nation by 2030. Roshan has already developed strong partnerships in China with deals with Guangzhou Great Power Energy & Technology Co (http://www.greatpower.net) and Suzhou Chilwee New Energy Power Technology Co. (http://www.sz-cpet.com/en/) and has a impressive line of Lithium Battery products for EVs, Medical Equipment, Solar street lighting, the telecom industry as well as medium and large energy storage.
About Barrel: Barrel Energy Inc., (OTC Markets: BRLL) is focused on several ventures within the energy and minerals sector and the rapid development of valuable production opportunities throughout North America.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission.