Waaree Energy Storage Solutions Pvt Ltd (WESSPL), a subsidiary of Waaree Energies Ltd and a leading player in India’s energy storage sector, has successfully completed a major funding round of approximately INR 1,003 crore. The investment came from a mix of strategic investors, including family offices, high-net-worth individuals, and institutional backers. This fundraise forms part of WESSPL’s planned capital expenditure of around INR 10,000 crore for the establishment of a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility. The plant is expected to position WESSPL at the forefront of India’s energy storage ecosystem, directly supporting the country’s clean energy transition and energy security objectives.
The facility will focus on producing high-performance cells and battery packs designed for utility-scale storage systems, electric mobility, and distributed energy applications. This expansion marks a significant milestone in Waaree Group’s integrated renewable manufacturing roadmap and complements its existing solar manufacturing capabilities. With this investment, Waaree Group is rapidly evolving into a fully integrated player in the energy transition space, spanning solar modules, inverters, batteries, energy storage systems, and emerging clean energy technologies. By incorporating storage manufacturing, the company strengthens its ability to offer end-to-end solutions essential for grid stability, increased renewable energy integration, and large-scale decarbonization.
Commenting on the funding, Ankit Doshi, Director of WESSPL, said, “This successful fundraise highlights the confidence our investors have in our vision to build world-class energy storage manufacturing in India. With these resources, we will accelerate the commissioning of our 20 GWh cells and battery pack facility, strengthen domestic supply chains, and expand India’s energy storage capacity. This initiative not only advances national sustainable energy goals but also promotes local manufacturing, employment, and technological innovation in the storage sector.”
The 20 GWh manufacturing plant is expected to play a key role in achieving India’s strategic objective of deepening domestic production in energy storage technologies and reducing dependence on imports.
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