Waaree Energy Storage System Secures Seed Funding Of $2 Mn The funds will enable the company to strengthen its energy storage capacities and bolster its footing across both domestic and international frontiers
By Prabhjeet Bhatla •
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High-tech energy storage division platform Waaree Energy Storage System (WESS) on Wednesday announced to have raised $2 million in seed funding from an HNI investor.
The newly infused operating capital will drive the expansion of WESS's manufacturing capabilities and aid product development with laser-sharp emphasis on smart Internet-of-Things (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.
"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 have achieved remarkable success in delivering state-of-the-art solutions in last year and have supplied around 16 million Watt-hours to companies," said Shiv Nath, managing director, Waaree ESS Pvt. Ltd.
Waaree ESS has been a pioneer in addressing the demands of lithium batteries in material handling and traction equipment. 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.
"In our effort to revolutionize the energy storage segment, we are foraying into the future with advancement 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. While we continue to enjoy our leverage in cutting-edge technology features, our mission has always been to provide practical solutions to optimize performance and be the frontrunners of the solar revolution trailing across the corners of the globe," Nath further added.
The company will focus on proliferating high-end two-wheeler and three-wheeler batteries to optimize lifecycles, yield improved results, and make them reusable. This in turn will also give impetus to the recyclable energy ecosystem in the country, thus significantly paving the path for a 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.
