Waaree Energies has approved a massive investment of around ₹8,175 crore to expand its clean energy manufacturing ecosystem, with a sharp focus on lithium-ion batteries, electrolysers, and inverters.
The company’s board cleared the proposal on October 2, 2025, signaling its intent to capture a larger share of India’s rapidly growing energy storage, hydrogen, and solar power equipment markets.
According to the approved plan, Waaree Energy Storage Solutions Pvt Ltd, a wholly-owned subsidiary, will increase its battery energy storage system manufacturing capacity from about 3.5 GWh to 20 GWh with an estimated capex of ₹8,000 crore. This expansion comes at a time when demand for grid-scale storage and EV batteries in India is surging, and policy support through incentives like the Production Linked Incentive scheme is accelerating adoption.
Waaree Clean Energy Solutions will scale up its electrolyser manufacturing facility from 300 MW to 1,000 MW at an investment of roughly ₹125 crore. Electrolysers play a critical role in green hydrogen production, a sector India has prioritized under the National Hydrogen Mission to reduce fossil fuel dependence and enable clean industrial growth.
Meanwhile, Waaree Power will expand its solar and power inverter manufacturing capacity from 3 GW to 4 GW with a capex of about ₹50 crore, strengthening India’s position in localizing inverter production and reducing reliance on imports.
The scale of these new investments underscores Waaree’s strategy to integrate across multiple clean energy verticals and provide bundled solutions to customers. The company had earlier, in December 2024, approved a smaller investment of ₹850 crore across similar business lines, including storage, electrolysers, and inverters. The latest approval represents a much more aggressive growth push, particularly in lithium battery storage, where capacity is being increased nearly sixfold.
Analysts note that these investments are well-timed, as India’s renewable power pipeline continues to expand and the demand for storage solutions, inverters, and hydrogen production equipment rises in both domestic and export markets.
While Waaree stands to benefit from cost competitiveness, supply chain localization, and opportunities in exports, execution will remain a critical challenge. Scaling up production capacity from 3.5 GWh to 20 GWh in batteries and tripling electrolyser output requires significant capital, technology adaptability, and supply chain alignment.
Baburajan Kizhakedath