Waaree Energy Storage Raises ₹1,003 Cr to Build 20 GWh Lithium-Ion Battery Plant

Waaree Energy Storage Solutions Pvt Ltd (WESSPL) on Monday said it has closed a strategic funding round of about ₹1,003 crore to support the development of a 20 GWh lithium-ion cell and battery-pack manufacturing facility in India. The capital, raised from a mix of family offices, high-net-worth individuals and institutional investors, represents an initial tranche of a broader capital expenditure programme of roughly ₹10,000 crore aimed at building a vertically integrated energy-storage manufacturing hub.

Use of Proceeds

A subsidiary of Waaree Energies Ltd, WESSPL said the fresh funds will be used to accelerate construction and commissioning of the 20 GWh cell plant and associated battery-pack assembly lines. The facility is designed to manufacture high-performance cells and packs for utility-scale energy storage, electric mobility and distributed energy applications, positioning the company to tap rising domestic demand across grid and transport electrification.

The proposed plant is intended to complement the Waaree Group’s existing solar and renewable systems portfolio. By integrating solar modules, inverters and energy storage manufacturing, the group aims to offer end-to-end solutions to project developers, system integrators and OEMs. WESSPL said the 20 GWh capacity would help address India’s growing storage needs and reduce reliance on imported battery components.

Policy Alignment & National Objectives

Company executives said the investment aligns with India’s energy-security and decarbonisation goals, as policymakers push for localisation of battery value chains to support renewable integration and electric vehicle adoption. The project also comes amid increasing incentives for domestic clean-energy manufacturing.

Beyond capacity creation, WESSPL said the investment is expected to strengthen local supply chains, enable technology transfer and generate employment across engineering, manufacturing and services. “This fund raise underscores investor confidence in our vision to build world-class energy storage manufacturing in India,” Ankit Doshi, Director at WESSPL, said, adding that the capital would be used to fast-track commissioning of the facility and deepen domestic supply chains.

Execution Risks

WESSPL did not disclose a detailed timeline for commercial production but said commissioning activities would be expedited, with phased investments likely under the broader ₹10,000 crore capex plan. The company also flagged execution risks typical of large battery projects, including securing raw material supplies, meeting safety and quality standards, and navigating commodity price cycles.

With the latest capital infusion, WESSPL said it is moving from planning to execution on its domestic battery manufacturing strategy, marking a significant step in Waaree Group’s expansion into integrated energy storage alongside its core renewable business.