Waaree Energy Storage Solutions Pvt Ltd (WESSPL), a subsidiary of Waaree Energies Ltd and a key player in India’s rapidly expanding energy storage sector, has successfully completed a major funding round amounting to approximately ₹1,003 crore. The capital was raised from a consortium of strategic investors, including family offices, high-net-worth individuals (HNIs), and institutional investors.
The fundraise forms a part of Waaree Group’s previously announced capital expenditure plan of around ₹10,000 crore, aimed at setting up a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility in India. The project is expected to play a critical role in strengthening the country’s energy storage ecosystem while supporting national objectives related to clean energy transition and energy security.
The proposed manufacturing plant will focus on producing high-performance lithium-ion cells and battery packs designed for a wide range of applications, including utility-scale energy storage systems, electric mobility, and distributed energy solutions. This expansion represents a significant milestone in Waaree Group’s integrated renewable manufacturing strategy and complements its established solar manufacturing operations.
With the addition of large-scale energy storage manufacturing, Waaree Group is positioning itself as a fully integrated energy transition company, with capabilities spanning solar modules, inverters, batteries, energy storage systems, and emerging clean energy technologies. The integration of battery manufacturing is expected to enhance Waaree’s ability to deliver comprehensive, end-to-end energy solutions that are critical for grid stability, increased renewable energy penetration, and large-scale decarbonisation.
Commenting on the successful fundraise, 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 upcoming 20 GWh lithium-ion cell and battery pack facility is expected to serve as a cornerstone in India’s push to develop a robust domestic energy storage manufacturing base. By reducing dependence on imports and fostering indigenous manufacturing capabilities, the project aligns closely with India’s long-term strategy to build a resilient, self-reliant clean energy infrastructure.
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