Waaree Energies Limited said its subsidiary Waaree Energy Storage Solutions Private Limited has completed a strategic fund raise of approximately INR 10.03 billion to support the development of a 20 gigawatt-hour advanced lithium-ion cell and battery pack manufacturing facility. The fund raise forms part of an announced capital expenditure programme of around INR 100 billion for the proposed project.
The company said in a stock exchange filing that the funding was secured from a group of strategic investors, including family offices, high-net-worth individuals and institutional backers. The capital is intended to accelerate the establishment of domestic manufacturing capacity for lithium-ion cells and battery packs, catering to utility-scale energy storage systems, electric mobility and distributed energy applications.
The proposed 20 GWh facility will focus on the production of high-performance cells and battery packs designed for grid-scale storage, electric vehicles and decentralised energy use cases. The project is positioned as a strategic extension of the Waaree Group’s renewable energy manufacturing operations, which currently include solar modules and related components.
The company said the expansion into energy storage manufacturing is aimed at strengthening integration across its renewable portfolio and enabling the delivery of combined solar and storage solutions. The addition of battery manufacturing capacity is expected to support grid stability and higher renewable energy penetration as storage requirements increase alongside the growth of variable renewable power generation.
“This successful fund raise underscores the confidence that our investor community places in our vision to build world-class energy storage manufacturing in India,” said Ankit Doshi, Director, Waaree Energy Storage Solutions Private Limited. “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.”
The company added that the proposed facility is intended to support India’s objective of expanding domestic manufacturing of advanced energy storage technologies and reducing dependence on imports. No timeline or location details for the plant were disclosed in the filing.
Waaree Energy Storage Solutions Private Limited is a subsidiary of Waaree Energies Limited and is engaged in battery cell and energy storage system manufacturing. Waaree Energies Limited operates across renewable energy manufacturing, with a focus on solar modules and integrated energy solutions.
