Waaree Energies approves investment in 300 MW electrolyzer, 3.5 GWh lithium-ion battery cell units

Waaree Energies’ board of directors has approved investment in setting up a 300 MW electrolyzer manufacturing plant and a 3.5 GWh Lithium-ion battery cell manufacturing plant.

December 23, 2024 Uma Gupta

Hitesh Chimanlal Doshi, chairman & managing director of Waaree Energies

Image: Waaree Energies

Waaree Energies’ Board of Directors has approved capital expenditure amounting to INR 551 crore and investment of INR 200 crore in setting up 300 MW of electrolyzer manufacturing plant through its wholly owned subsidiary Waaree Clean Energy Solutions. The capacity will be built under the production-linked incentive (PLI) tender issued by the Ministry of New and Renewable Energy (MNRE) through Solar Energy Corp. of India (SECI).

The company also approved capital expenditure amounting to INR 2,073 crore and investment of INR 650 crore in setting up 3.5 GWh Lithium ion advanced chemistry storage cell manufacturing plant through its wholly owned subsidiary Waaree Energy Storage Solutions.

The capex for both the electrolyzer and battery cell units will be funded by a mix of debt and internal accruals.

Further, the board approved capital expenditure amounting to INR 130 crore in inverter business through its wholly owned subsidiary Waaree Power. Waaree Energies contribution will be up to INR
40 crore.

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