Waaree Energy Storage Solutions Pvt Ltd has raised approximately ₹1,003 crore in a strategic funding round to support the development of a 20 GWh lithium-ion cell and battery-pack manufacturing facility in India. The company announced the closure of the round on Monday, marking a major milestone in its plans to scale domestic energy storage manufacturing.
The capital has been raised from a mix of family offices, high-net-worth individuals, and institutional investors. According to the company, this funding represents the first tranche of a broader capital expenditure programme estimated at around ₹10,000 crore, aimed at building a vertically integrated energy storage manufacturing ecosystem in the country.
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Focus on Accelerated Construction and Commissioning
Waaree Energy Storage Solutions, a subsidiary of Waaree Energies Ltd, stated that the fresh funds will be used to speed up the construction and commissioning of the 20 GWh lithium-ion cell plant along with associated battery-pack assembly lines. The facility is designed to manufacture high-performance lithium-ion cells and battery packs catering to a wide range of applications.
These applications include utility-scale energy storage systems, electric mobility solutions, and distributed energy use cases. By targeting multiple segments, the company aims to position itself to meet rising domestic demand driven by grid-scale renewable energy deployment and the growing electrification of transport.
Strengthening the Waaree Group’s Renewable Portfolio
The proposed manufacturing plant is intended to complement the Waaree Group’s existing portfolio in solar and renewable energy systems. By adding large-scale battery manufacturing to its capabilities, the group aims to integrate solar modules, inverters, and energy storage into a unified offering.
This integrated approach is expected to enable Waaree to provide end-to-end solutions to project developers, system integrators, and original equipment manufacturers. The company said the planned 20 GWh capacity would help address India’s expanding energy storage requirements while reducing dependence on imported battery cells and components.
Alignment With India’s Energy Transition Goals
Company executives said the investment aligns closely with India’s national objectives around energy security and decarbonisation. Policymakers have been pushing for greater localisation of battery manufacturing to support renewable energy integration and accelerate electric vehicle adoption.
The project is being developed at a time when incentives for domestic clean energy manufacturing are increasing, reflecting the government’s focus on strengthening local supply chains and reducing exposure to global disruptions. Waaree Energy Storage Solutions said its manufacturing plans are aligned with these policy priorities.
Economic and Supply Chain Impact
Beyond capacity creation, the company said the investment is expected to strengthen local supply chains, facilitate technology transfer, and generate employment across engineering, manufacturing, and support services. These outcomes are seen as key benefits of building large-scale battery manufacturing capabilities within India.
“This fund raise underscores investor confidence in our vision to build world-class energy storage manufacturing in India,” said Ankit Doshi, Director at Waaree Energy Storage Solutions. He added that the capital would be deployed to fast-track commissioning of the facility and deepen domestic supply chains critical to the energy storage sector.
Execution Challenges and Phased Investment Approach
While the company did not disclose a detailed timeline for commercial production, it said commissioning activities would be expedited. Investments are expected to be made in phases under the broader ₹10,000 crore capital expenditure plan, allowing the project to scale progressively.
Waaree Energy Storage Solutions also acknowledged execution risks typically associated with large battery manufacturing projects. These include securing consistent raw material supplies, meeting stringent safety and quality standards, and managing exposure to commodity price fluctuations.
From Planning to Execution
With the latest capital infusion, the company said it is moving decisively from planning to execution of its domestic battery manufacturing strategy. The development marks a significant step in the Waaree Group’s expansion into integrated energy storage, complementing its core renewable energy business and strengthening its position across India’s clean energy value chain.
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