Waaree Energies raises $110M for battery manufacturing
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.
India’s Waaree Energy Storage Solutions Pvt Ltd (WESSPL), a subsidiary of Waaree Energies Ltd, has announced the successful completion of a funding round totalling INR 10.03 billion (about USD 110 million) 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 INR 100 billion (USD 1.1 billion) for the establishment of a 20 GWh advanced lithium-ion cell and battery pack manufacturing plant, the company said in a press release.
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.
The integration of storage manufacturing strengthens Waaree’s ability to deliver end-to-end solutions critical for grid stability, renewable energy penetration, and decarbonisation at scale, it 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,” Ankit Doshi, Director, WESSPL, said. “This initiative not only supports national sustainable energy goals but also enhances local manufacturing, employment, and technological innovation in the storage sector.”