Waaree Energies Ltd. has secured an investment of INR 1,003 Crores for its subsidiary, Waaree Energy Storage Solutions Pvt Ltd (WESSPL). The funds will support the establishment of a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility. This investment will position WESSPL at the forefront of India’s energy storage sector, contributing to clean energy transition and energy security objectives.
Strategic Funding for Energy Storage
Waaree Energy Storage Solutions Pvt Ltd (WESSPL), a subsidiary of Waaree Energies Ltd, has successfully completed a major funding round, securing approximately INR 1,003 Crores. The investment comes from a group of strategic investors, including family offices, high-net-worth individuals, and institutional backers.
Manufacturing Expansion Plans
The newly secured funds are part of a larger capital expenditure plan of approximately INR 10,000 Crores. This investment will be allocated towards establishing a 20 GWh advanced lithium-ion cell and battery pack manufacturing plant. This facility aims to strengthen India’s energy storage capabilities and support clean energy initiatives.
Focus on High-Performance Solutions
The new manufacturing plant will concentrate on producing high-performance cells and battery packs tailored for various applications. These include utility-scale storage systems, electric mobility solutions, and distributed energy applications. This expansion is designed to complement Waaree Group’s existing solar manufacturing capabilities and promote renewable energy adoption.
Strategic Vision and Impact
This investment transforms Waaree Group into a comprehensive energy transition player. The company will now span solar modules, inverters, batteries, energy storage systems, and emerging clean energy technologies. The integration of storage manufacturing strengthens Waaree’s ability to deliver complete solutions, contributing to grid stability, renewable energy penetration, and decarbonization at scale.
Comments on the Investment
Mr. Ankit Doshi, Director, WESSPL, commented that this fund raise underscores the confidence investors have in their vision to build a world-class energy storage manufacturing facility in India. These strategic resources will expedite the commissioning of their 20 GWh cells and battery pack facility, strengthen domestic supply chains, and support national sustainable energy goals.
Driving Domestic Manufacturing
The 20 GWh cells and battery pack plant will be a key element in achieving India’s strategic goal of promoting domestic manufacturing in energy storage technologies. This will also reduce reliance on imports and promote technological advancement in the storage sector.
Source: BSE
