Waaree Energy Storage Solutions Private, a subsidiary of Waaree Energies, has recently completed a strategic fund raise of around Rs 10.03 billion from a group of strategic investors, including family offices, high-net-worth individuals and institutional backers. The funding strengthens the company’s position in India’s rapidly expanding energy storage ecosystem.

The capital raise forms part of an announced capital expenditure programme of nearly Rs 100 billion for setting up a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility. The plant will manufacture high-performance cells and battery packs for utility-scale energy storage systems, electric mobility and distributed energy applications, supporting India’s clean energy transition and energy security goals.

The capacity addition marks a key milestone in the Waaree Group’s integrated renewable manufacturing roadmap and complements its existing solar manufacturing capabilities. With the expansion into storage manufacturing, the group aims to deliver end-to-end energy solutions spanning solar modules, inverters, batteries and energy storage systems.

The company stated that the new facility will play a critical role in strengthening domestic supply chains, improving grid stability and enabling higher renewable energy penetration, while also contributing to local manufacturing, employment generation and technological advancement in India’s energy storage sector.