Waaree Energies Powers Up with Strategic Rs 1,003 Crore Fundraise

Waaree Energies has secured Rs 1,003 crore from various investors to fund its plan for a 20 GWh lithium-ion cell and battery pack manufacturing plant. This development supports Waaree's transition into a comprehensive energy player, enhancing its ability to deliver critical end-to-end energy solutions.

Waaree Energies announced on Monday a successful Rs 1,003 crore fundraising effort by its subsidiary Waaree Energy Storage Solutions. This move attracted a diverse group of investors, including family offices, high-net-worth individuals, and institutional supporters.

The capital injection is crucial for Waaree's ambitious Rs 10,000-crore plan to establish a 20 GWh advanced lithium-ion cell and battery pack manufacturing plant. The company aims to focus on producing high-performance solutions for utility-scale storage, electric mobility, and distributed energy sectors.

Ankit Doshi, Director at Waaree Energy Storage Solutions, noted that the funds would accelerate the commissioning of the plant, bolstering domestic supply chains and expanding India's energy storage capabilities. This investment marks a step forward in Waaree's expansion into a fully integrated energy transition player.

(With inputs from agencies.)