Fund raise anchors Rs 10,000 crore capex plan to build large-scale battery manufacturing facility in India

Waaree Energy Storage Solutions (WESSPL), a subsidiary of Waaree Energies, has raised around Rs 1,003 crore from a group of strategic investors to advance its plans for a 20 GWh lithium-ion cell and battery pack manufacturing facility in India.

The funding has come from a mix of family offices, high-net-worth individuals and institutional investors, and forms part of a larger capital expenditure programme of nearly Rs 10,000 crore announced by the company for building large-scale energy storage manufacturing capacity.

The proposed facility will manufacture advanced lithium-ion cells and battery packs catering to utility-scale energy storage systems, electric mobility and distributed energy applications. The project is expected to play a key role in strengthening domestic supply chains for storage technologies and supporting India’s clean energy and energy security goals.

WESSPL’s expansion marks a significant step in Waaree Group’s efforts to build an integrated renewable manufacturing platform, spanning solar modules, inverters, batteries and energy storage systems. The addition of storage manufacturing is aimed at addressing growing grid stability needs as renewable energy penetration increases.

Commenting on the fund raise, Ankit Doshi, Director at Waaree Energy Storage Solutions, said the investor backing reflected confidence in the company’s plan to build large-scale, world-class storage manufacturing in the country. He added that the capital would help fast-track commissioning of the 20 GWh facility, deepen local manufacturing capabilities and generate employment.

The lithium-ion cell and battery pack plant is expected to reduce India’s dependence on imported storage technologies while supporting the wider push for domestic manufacturing under the clean energy transition.