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Waaree Energy Storage Raises Rs 1,003 Crore in Funding

Waaree Energy Storage Solutions (WESSPL), a subsidiary of Waaree Energies, has successfully raised approximately Rs 1,003 crore in a major funding round, strengthening its position within India’s rapidly growing energy storage ecosystem.

The investment round saw participation from a mix of strategic investors, including family offices, high-net-worth individuals, and institutional investors.

The capital infusion will be used to support Waaree’s plans to establish a 20 GWh lithium-ion cell and battery pack manufacturing facility in India.

The proposed plant will focus on producing high-performance lithium-ion cells and battery packs for a range of applications, including utility-scale energy storage, electric mobility, and distributed energy systems.

According to the company, the capacity expansion represents a significant milestone in the Waaree Group’s integrated renewable manufacturing strategy and complements its existing solar manufacturing operations.

The addition of large-scale storage manufacturing is expected to enhance the group’s ability to address the evolving needs of India’s power and clean energy sectors.

Commenting on the fundraise, Ankit Doshi, Director at WESSPL, said that the successful closure of the round reflects strong investor confidence in the company’s vision to build world-class energy storage manufacturing capabilities in India.

He added that the funding will accelerate the commissioning of the 20 GWh facility, strengthen domestic supply chains, and contribute to the expansion of the country’s energy storage capacity.

The upcoming facility is expected to position WESSPL as a key player in India’s energy storage landscape, while supporting national objectives related to clean energy adoption, grid stability, and long-term energy security.

The company stated that the project aligns with India’s broader transition toward a low-carbon energy system.

With this investment, Waaree Group is further advancing its evolution into an integrated energy transition company, with offerings spanning solar modules, inverters, batteries, energy storage systems, and emerging clean energy technologies.

The new manufacturing plant is also expected to play an important role in boosting domestic production of energy storage technologies and reducing reliance on imports.