Waaree Energy Storage raises ₹1,003 crore to fund its 20 GWh lithium-ion cell unit
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Waaree Energy Storage Solutions Pvt Ltd (WESSPL), a wholly owned subsidiary of Waaree Energies Ltd, has raised around ₹1,003 crore in a funding round involving family offices, high-net-worth individuals and institutional investors.
The company, however, did not disclose the valuation at which the funding round was completed or the timeline for commercial production from the proposed facility.
Deployment of funds
WESSPL, in an official release, said that the fundraise forms part of the Waaree Group’s planned capital expenditure of nearly ₹10,000 crore for setting up a 20 GWh lithium-ion cell and battery pack manufacturing facility in India. The project is aimed at building domestic capacity for energy storage technologies.
According to the company, the proposed facility will manufacture lithium-ion cells and battery packs for applications including utility-scale energy storage systems, electric vehicles (EVs) and distributed energy solutions. The plant is expected to support the growing demand for storage solutions driven by renewable energy integration and electric mobility, the company claimed.
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Commenting on the fundraise, Ankit Doshi, Director at WESSPL, said the capital would be used to accelerate the commissioning of the planned manufacturing facility and to support the development of domestic supply chains for energy storage components.
Long-term plans
According to the company, the expansion into battery cell manufacturing aligns with Waaree Group’s broader presence in the renewable energy supply chain, which currently includes solar module production and related equipment. The addition of energy storage is intended to complement its existing operations.
In an exclusive interaction with Fortune India earlier, Waaree Energies said it plans to deepen its foothold in the U.S.—its largest export market—and counter U.S import tariffs on solar equipment. The company planned to ramp up its U.S. production capacity to 4.2 giga watts (GW) within the next three to six months, according to a top official.
The company is rapidly scaling up its Texas facility.
Waaree Energy Storage Solutions Pvt Ltd focusses on battery cell manufacturing and energy storage systems. It operates as a subsidiary of Waaree Energies Ltd, which has a presence in solar manufacturing and renewable energy solutions.