Waaree Energy Storage System Secures Seed Funding of USD 2 Million

Budget reactions

Waaree Energy Storage System (WESS) has announced that it has raised USD 2 million in seed funding from an HNI investor.

The energy storage division of the WAAREE group – Waaree Energy Storage System (WESS) has announced that it ha raised USD 2 million in seed funding from an HNI investor. As per the firm, the newly infused operating capital will drive the expansion of WESS’s manufacturing capabilities and aid product development with laser-sharp emphasis on smart IOT based batteries and telematics. Moreover, it will enable the company to strengthen its energy storage capacities and bolster its footing across both domestic and international frontiers.

The energy storage division has claimed that it will now mobilize resources towards the development of world-class Energy Storage Systems for industrial, computing, telecom, residential requirements and propel electrification of transport in the Indian market. 

The company will also focus on proliferating high-end two-wheeler and three-wheeler batteries to optimise lifecycles, yield improved results and make them ‘re-usable’. This in turn will also give impetus to the recyclable energy ecosystem in the country, thus significantly paving the path for circular economy in India. These developments come on the back of the company’s advancement in research and edge in providing innovative customer-centric solutions.

Shiv Nath, Managing Director, Waaree ESS said, “Lithium-ion batteries are the cornerstone to the country’s ambitious green energy development plan and we are focused on contributing towards the government’s vision of achieving RE targets of 175 GW by 2022. With easy maintenance will come the acceptance towards green energy transition among both corporates and consumers. 

“We’ve achieved remarkable success in delivering state-of-the-art solutions in last year and have supplied around 16 Million Watt-hours to companies.

In our effort to revolutionise the energy storage segment, we are foraying into the future with advancements in integrated and high-tech battery management systems and charging solutions. We are bullish on creating economically viable and easy – to – adopt solutions to push – forward the adoption of solar across varied facets of day-to-day life.  This round of funding will help us double down on product capabilities, formulate our approach to repurpose the end–of–life batteries and cement our segment leadership.”