Waaree Energies Limited has informed the Exchange regarding 'Intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015.'.
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Waaree Energies has invested Rs. 300 crores into its wholly-owned subsidiary Waaree Energy Storage Solutions Private Limited (WESSPL) through a rights issue. The money will be used to set up a Lithium-ion Advanced Chemistry Storage Cell manufacturing plant. The investment was made by subscribing to 60 crore partly paid-up equity shares of face value Rs. 10 each at par, with Rs. 5 paid on application and the remaining Rs. 5 payable on call. WESSPL, which was incorporated in February 2020 and has had zero turnover for the past three years, will continue to remain a 100% wholly-owned subsidiary with no change in shareholding. This move marks Waaree's formal entry into the energy storage and battery cell manufacturing business.
This is a long-term growth move that positions Waaree Energies in India's fast-growing lithium-ion battery and energy storage segment, which is critical for EVs, solar storage, and grid applications. While Rs. 300 crores is locked into a currently revenue-less subsidiary, it could open up a new revenue stream over time. Near-term earnings impact is likely neutral, but sentiment may improve given the renewable energy and battery manufacturing tailwinds.