Waaree Energy Storage Solutions (WESSPL), a subsidiary of Waaree Energies Ltd and a key player in India’s energy storage landscape, has announced the successful completion of a funding round totalling Rs 10.03 billion from a group of strategic investors, including family offices, high-net-worth individuals (HNIs) and institutional backers.

The fund raise forms part of Waaree’s announced capex of Rs 100 billion for establishing a 20 GWh advanced lithium-ion cell and battery pack manufacturing plant. The project is expected to strengthen WESSPL’s position within India’s energy storage ecosystem while supporting the country’s clean energy transition and energy security objectives.

The facility will focus on manufacturing high-performance cells and battery packs for utility-scale energy storage systems, electric mobility and distributed energy applications. This capacity expansion represents a key milestone in the Waaree Group’s integrated renewable manufacturing roadmap and complements its existing solar manufacturing operations.

With this investment, the Waaree Group continues its transition towards becoming a fully integrated energy transition company, covering solar modules, inverters, batteries, energy storage systems and emerging clean energy technologies. The addition of storage manufacturing enhances Waaree’s ability to deliver end-to-end solutions required for grid stability, increased renewable energy penetration and large-scale decarbonisation.

Ankit Doshi, Director, WESSPL, said, “This successful fund raise reflects the confidence of our investor community in our vision to develop world-class energy storage manufacturing in India. These resources will enable us to accelerate the commissioning of our 20 GWh cell and battery pack facility, strengthen domestic supply chains, and support the growth of India’s energy storage capacity. The initiative also contributes to local manufacturing, employment and technological innovation in the storage sector.”

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