Waaree Energy Storage Solutions Pvt Ltd Announces Strategic Fund Raise of INR 1,003 Crores
Waaree Energy Storage Solutions Pvt Ltd (“WESSPL”), a subsidiary of Waaree Energies Ltd and a key vertical in India’s energy storage landscape, announced the successful completion of a major funding round totalling ~INR 1,003 Crores from a cluster of strategic investors, including family offices, high-net-worth individuals (HNIs), and institutional backers.
This fund raise is a part of the announced Capex of approximately NR 10,000 Crores for the establishment of a 20 GWh advanced lithium-ion cell and battery pack manufacturing plant, positioning WESSPL at the forefront of India’s energy storage ecosystem and directly supporting the nation’s clean energy transition and energy security objectives.
Commenting on the fund raise, Mr. Ankit Doshi, Director, WESSPL, said: “This successful fund raise underscores the confidence that our investor community places in our vision to build world-class energy storage manufacturing in India. With these strategic resources, we will fast-track the commissioning of our 20 GWh cells and battery pack facility, strengthen domestic supply chains, and contribute to the growth of India’s energy storage capacity. This initiative not only supports national sustainable energy goals but also enhances local manufacturing, employment, and technological innovation in the storage sector.”
The plant will focus on the production of high-performance cells and battery packs tailored for utility-scale storage systems, electric mobility, and distributed energy applications. This capacity expansion is a key milestone in Waaree Group’s integrated renewable manufacturing roadmap and a strategic complement to existing solar manufacturing capabilities.
