Waaree Energy Storage Solutions (WESSPL) funding has received a significant boost as the company announced the successful closure of a strategic fund raise amounting to approximately ₹1,003 crore.
WESSPL, a wholly owned subsidiary of Waaree Energies Ltd, secured investments from a consortium of strategic investors, including family offices, high-net-worth individuals (HNIs), and institutional investors, strengthening its position in India’s rapidly expanding energy storage sector.
The WESSPL funding forms part of the company’s previously announced capital expenditure plan of around ₹10,000 crore, earmarked for setting up a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility in India.
This large-scale manufacturing initiative is aligned with India’s clean energy transition goals and aims to enhance domestic energy security through advanced storage capabilities.
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Waaree Energy Storage Solutions funding to support 20 GWh lithium-ion manufacturing capacity
The upcoming manufacturing facility will focus on producing high-performance lithium-ion cells and battery packs designed for utility-scale energy storage systems, electric mobility applications, and distributed energy solutions.
The project represents a critical expansion within Waaree Group’s integrated renewable energy manufacturing roadmap and complements its established solar manufacturing operations.
With the addition of energy storage manufacturing, Waaree Group continues to expand its footprint as a fully integrated energy transition player, spanning solar modules, inverters, batteries, energy storage systems, and emerging clean energy technologies.
The integration of battery manufacturing is expected to strengthen Waaree’s ability to deliver end-to-end solutions essential for grid stability, increased renewable energy penetration, and large-scale decarbonisation.
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Commenting on the development, Ankit Doshi, Director, Waaree Energy Storage Solutions, said that the successful fund raise reflects strong investor confidence in the company’s vision to establish world-class energy storage manufacturing capabilities in India.
He added that the capital infusion will help accelerate the commissioning of the 20 GWh lithium-ion cell and battery pack facility, reinforce domestic supply chains, and contribute to the expansion of India’s energy storage capacity.
The 20 GWh lithium-ion cell and battery pack manufacturing plant is expected to play a pivotal role in advancing India’s objective of strengthening domestic manufacturing in energy storage technologies while reducing dependence on imports and fostering employment and technological innovation in the sector.
