Waaree Energy Storage Solutions (WESSPL) has confirmed a major fund raise of around INR 1,003 Crores ($111 million) from a group of strategic investors.
The investment forms part of the wider approximate INR 10,000 Crores ($1.11 billion) capital plan to build a 20GWh advanced lithium‑ion cell and battery pack manufacturing facility in India.
The new plant is designed to produce high‑performance cells and battery packs for utility‑scale storage, electric mobility and distributed energy uses. This expansion marks a significant step in the Waaree Group’s broader renewable manufacturing strategy, strengthening its position across solar modules, inverters, batteries and wider clean‑energy technologies.
By adding large‑scale storage manufacturing, the group aims to deliver integrated solutions that support grid stability, increased renewable penetration, and long‑term decarbonisation efforts. The development also aligns with India’s national goals for clean energy transition and improved energy security.
Commenting on the announcement, 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 20GWh 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 20GWh facility is expected to play a central role in advancing domestic manufacturing capability and reducing dependence on imported energy storage technologies.
