Waaree raises Rs 10.03 billion for battery manufacturing facility in India

Waaree Energies Limited’s subsidiary, Waaree Energy Storage Solutions Private Limited (WESSPL), has secured Rs 10.03 billion in funding from a group of strategic investors. The funding forms part of the company’s planned capital expenditure of approximately Rs 100 billion. Furthermore, the investment will be used to establish a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility. The facility will be dedicated to manufacturing battery cells and packs designed for utility-scale energy storage, electric mobility solutions, and distributed energy applications. Earlier this month, Waaree Energies Limited secured a 1,500 MW solar module supply order from a domestic entity working in the business of power generation, transmission, and distribution.