Waaree Energy Secures Rs 1,003 Cr for 20 GWh Storage Plant

Waaree Energy Storage Solutions has raised ₹1,003 crore from a group of strategic investors, giving a strong boost to India’s rapidly growing energy‑storage industry.

The investment is included in the bigger ₹10,000 -30,000 crore investment strategy of the company and will enable the establishment of a 20 GWh lithium-ion cell and battery-pack factory in India. The new development is timed when there is an increase in demand of reliable storage as well as renewable energy and electric mobility.

The next plant will be specialized in production of Li-ion cells and battery packs to store energy on-grid, electric vehicles, and micro-scale systems. With the localization of production, the company will decrease the reliance of India on imported battery cells and make the local clean-energy supply chain more robust.

Also Read: How Battery-as-a-Service Is Reshaping India’s EV Economics

Industry-wise, mass-produced batteries are important in dealing with variability in renewable energy resources and enhancing grid stability. With the increasing solar and wind capacity, the energy storage is emerging as part of the infrastructure and no longer as a support structure. The 20GWh plant is likely to contribute significantly to addressing the future storage capacity and facilitating the energy security of the long term.

In the case of Waaree Energy Storage Solutions, it is also a strategic expansion to its renewable portfolio. The Waaree Group already existing in the areas of solar modules, inverters and energy solutions. The inclusion of battery cell and pack production will enable the company to provide solutions that are more integrated to utilities, developers and mobility players.

Ankit Doshi, Director Waaree Energy Storage Solutions indicated that this effective fundraise highlights the belief that our investor community have in our vision to establish a world-leading energy-storage production in India.