Waaree Energies' arm raises Rs 1,003 crore for lithium-ion cell, battery manufacturing; stock slips over 5%

Waaree Energies Ltd's subsidiary, Waaree Energy Storage Solutions Pvt Ltd (WESSPL), on Monday announced the successful completion of a funding round of about Rs 1,003 crore from a group of strategic investors, including family offices, high-net-worth individuals (HNIs) and institutional backers.

In an exchange filing, the company said the fundraise forms part of its announced capital expenditure plan of around Rs 10,000 crore for setting up a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility. The proposed plant is aimed at strengthening India's domestic energy storage ecosystem and supporting the country’s clean energy transition and energy security objectives.

"This fund raise is a part of the announced Capex of Rs 10,000 crore for the establishment of a 20 GWh advanced lithium-ion cell and battery pack manufacturing plant, positioning WESSPL at the forefront of India's energy storage ecosystem and directly supporting the nation's clean energy transition and energy security objectives," the company stated.

According to the filing, the facility will focus on manufacturing high-performance lithium-ion cells and battery packs designed for utility-scale energy storage systems, electric mobility solutions and distributed energy applications.

The company said the addition of storage manufacturing capabilities would further strengthen Waaree Group's ability to offer end-to-end solutions across the renewable energy value chain, covering solar modules, inverters, batteries, energy storage systems and emerging clean energy technologies. Such integration is expected to play a role in enhancing grid stability, increasing renewable energy penetration and supporting large-scale decarbonisation efforts.

Commenting on the fundraise, Ankit Doshi, Director at WESSPL, said, "This successful fund raise underscores the confidence that our investor community places in our vision to build world-class energy storage manufacturing in India. With these strategic resources, we will fast-track the commissioning of our 20 GWh cells and battery pack facility, strengthen domestic supply chains, and contribute to the growth of India's energy storage capacity. This initiative not only supports national sustainable energy goals but also enhances local manufacturing, employment, and technological innovation in the storage sector."

The announcement came shortly after market hours. Earlier in the day, shares of Waaree Energies declined 5.31 per cent to close at Rs 2,714.40 on BSE.