Investment in Green Manufacturing Initiatives
Waaree Energies Ltd has revealed its board’s approval for a trio of investment initiatives amounting to Rs 850 crore, aimed at establishing cutting-edge manufacturing facilities for electrolyzers and storage cells. These moves are in line with the company’s commitment to advancing renewable energy solutions.
Major Investments in Electrolyser and Lithium-Ion Manufacturing
The board sanctioned a capital expenditure of Rs 551 crore and an additional investment of Rs 200 crore for a 300 MW electrolyser manufacturing plant. This project, under the PLI Scheme, will be executed through its wholly-owned subsidiary, Waaree Clean Energy Solutions.
In a significant leap towards energy storage solutions, Rs 2,073 crore in capex and Rs 650 crore in investment were approved for a 3.5 GWh Lithium-Ion Advanced Chemistry Storage Cell manufacturing facility. This ambitious venture will be carried out by Waaree Energy Storage Solutions, another wholly-owned subsidiary.
Inverter Business Expansion and Leadership Appointment
An additional Rs 130 crore has been allocated to expand the inverter business through Waaree Power Private Limited. The investments will be funded through a mix of internal accruals and debt, the company stated in a regulatory filing.
In a strategic leadership development, the board appointed Amit Paithankar, the current Chief Executive Officer (CEO), as an Additional Director and Whole-Time Director for a five-year term, effective December 23, 2024. His appointment is subject to shareholder approval.
Driving Renewable Energy Growth
These investments underscore Waaree Energies’ commitment to strengthening its manufacturing capabilities and contributing to India’s renewable energy ambitions. By advancing the production of high-efficiency electrolyzers and lithium-ion cells, Waaree is poised to address the growing demand for clean energy technologies and accelerate the country’s energy transition.
The company’s proactive approach aligns with India’s goals under the National Green Hydrogen Mission and renewable energy initiatives. With these projects, Waaree aims to create a robust ecosystem for sustainable manufacturing, foster local employment opportunities, and contribute to reducing the country’s carbon footprint.
Through its strategic investments, Waaree Energies reinforces its position as a leader in the renewable energy sector, paving the way for technological innovation and long-term economic growth.
