Waaree Energy Storage Systems Receives Further Investment

Waaree Energy Storage Systems (WESS) raised ₹325 crores (~$36.7 million) in a funding round led by Niveshaay, as part of a broader ₹10 billion (~$113 million) round. This funding round is coming on the back of a Rs 125 crore investment from ValueQuest Tristar Fund last month.

Incorporated in 2020, WESS is the energy storage arm of Waaree Energies, specialising in advanced battery and containerised energy storage solutions tailored for both renewable energy integration and industrial or commercial applications.

Waaree Energies, the parent company, is India’s clean energy company and a leading manufacturer of solar PV modules with a significant presence in both domestic and international markets, with a legacy spanning over three decades.

Battery energy storage systems (BESS) are used to reliably store and manage energy generated from renewable sources like solar and wind, facilitate grid integration, support microgrids, and enable industrial/utility customers to maintain a steady power supply.

Waaree’s solutions include power stations, commercial battery storage, street lamp systems, and modular products that feature high energy density and flexible installation.

Waaree ESS is also working with partners like Zypp Electric to deliver lithium batteries for electric vehicles and last-mile green delivery solutions.

Waaree Energy Storage Systems is rapidly scaling its manufacturing footprint. The latest funding is earmarked for boosting battery cell and pack manufacturing, expanding engineering and validation capabilities, and scaling storage systems in India and global markets.

WESS’s growth aligns with India’s ambitions to scale up renewable energy and modernise its electricity grid. The battery storage technology solutions help address the intermittency of renewables by storing excess energy for use during periods of low generation or high demand.

Waaree Energy Storage Systems is a major force in advancing India’s battery storage ecosystem, marrying manufacturing scale with technology partnerships and a focus on supporting India’s shift to clean, reliable energy.