Solar module manufacturer and EPC contractor Waaree Group today announced that its energy storage division Waaree Energy Storage System has raised US$2 million in seed funding from a non-institutional investor (high net-worth individual).
The manufacturer intends to use the newly infused operating capital to expand its energy storage manufacturing capabilities and aid product development with emphasis on smart Internet of Things (IOT) based batteries and telematics. The fund will also enable the company to strengthen its energy storage capacities and bolster its footing across domestic and international frontiers.
Waaree ESS provides lithium batteries for material handling and traction equipment. It will now mobilize resources towards developing energy storage systems for industrial, computing, telecom, and residential requirements. In the electric mobility sector, it plans on batteries for the proliferating high-end two-wheeler and three-wheeler segments with a focus on optimized lifecycles, improved results and re-usability.
Waaree ESS has delivered state-of-the-art solutions in the last one year, supplying around 16 million Watt-hours to companies. In its effort to revolutionize the energy storage segment, the manufacturer is now foraying into the future with advancements in integrated and high-tech battery management systems and charging solutions.
Shiv Nath, managing director of Waaree ESS, said: “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 end-of-life batteries and cement our segment leadership.”
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