Waaree Energy Storage Solutions Pvt Ltd has secured approximately ₹1,003 crore in funding from family offices, high-net-worth individuals, and institutional investors to establish a lithium-ion cell and battery pack manufacturing facility in India.
The fundraise announced today forms part of a larger capital expenditure plan of around ₹10,000 crore for a 20 GWh production plant. The subsidiary of Waaree Energies Ltd aims to manufacture high-performance cells and battery packs for utility-scale storage systems, electric vehicles and distributed energy applications.
The facility represents a significant expansion in India’s domestic energy storage manufacturing capacity and is designed to reduce import dependence for battery technology. The plant will complement Waaree Group’s existing solar module and inverter manufacturing operations, positioning the company as an integrated renewable energy solutions provider.
Ankit Doshi, Director of Waaree Energy Storage Solutions, stated that the investment reflects confidence in building world-class energy storage manufacturing capabilities in India. He emphasized the facility’s role in strengthening domestic supply chains and supporting national clean energy objectives.
The 20 GWh plant is expected to contribute to India’s strategic goal of developing local manufacturing capabilities in energy storage technologies while supporting grid stability and renewable energy integration. The project also aims to generate employment and drive technological innovation in the storage sector.
Waaree Energy Storage Solutions focuses on delivering scalable energy storage solutions for grid reliability, renewable integration and transport electrification.
The shares of Waaree Energies Ltd ended on the NSE today at ₹2,713.10 down by ₹153.20 or 5.34 per cent.