Waaree Energy Storage Raises INR 1,003 Crore Funding

Waaree Energy Storage Solutions (WESSPL), a subsidiary of Waaree Energies and a contributor in India’s energy storage ecosystem, has announced the successful closure of a major funding round amounting to approximately INR 1,003 crore. The round saw participation from a group of strategic investors, including family offices, high-net-worth individuals (HNIs) and institutional investors.

The proposed plant will manufacture high-performance lithium-ion cells and battery packs catering to utility-scale energy storage, electric mobility and distributed energy applications. This capacity expansion marks a milestone in Waaree Group’s integrated renewable manufacturing roadmap and complements its existing solar manufacturing capabilities.

Ankit Doshi, Director, WESSPL, commenting on the investment said, "The successful fund raise reflects strong investor confidence in the company’s vision to build world-class energy storage manufacturing in India. The funding will help accelerate the commissioning of the 20 GWh cell and battery pack facility, strengthen domestic supply chains and contribute to the expansion of India’s energy storage capacity."

The facility is expected to position WESSPL at the forefront of India’s energy storage landscape while supporting the country’s clean energy transition and energy security goals.

With this investment, Waaree Group is strengthening its evolution into a fully integrated energy transition company, with a portfolio spanning solar modules, inverters, batteries, energy storage systems and emerging clean energy technologies. The addition of storage manufacturing enhances the group’s ability to offer end-to-end solutions essential for grid stability, higher renewable energy penetration and large-scale decarbonisation.

The upcoming 20 GWh manufacturing plant is expected to play a critical role in advancing India’s objective of boosting domestic manufacturing in energy storage technologies and reducing dependence on imports.