Waaree Energies to Invest INR 850 Crore to Set Up Electrolyser and Lithium Ion Storage Cell Plant
Waaree Energies Ltd. has approved an INR 850 crore investment for setting up a 300 MW electrolyser manufacturing plant and a 3.5 GWh lithium-ion storage cell manufacturing plant, along with INR 130 crore in capital expenditure for its inverter business.
December 24, 2024. By Mrinmoy Dey
The board also approved capital expenditure amounting to INR 130 crore in its invertor business through its wholly owned subsidiary Waaree Power Pvt. Ltd. Waaree Energies Ltd.’s contribution will be up to INR 40 crore, stated the company in an exchange filing.
The board has approved “capital expenditure amounting to INR 551 crore and investment of INR 200 crore for setting up 300 MW of electrolyser manufacturing plant in its wholly owned subsidiary Waaree Clean Energy Solutions Pvt. Ltd. under the PLI tender issued by MNRE through SECI. The capex will be funded by mix of debt and internal accruals,” noted the filing.
It further noted that the board has also approved capital expenditure amounting to INR 2,073 crore and Investment of INR 650 crore for setting up 3.5 GWh Lithium Ion Advanced Chemistry Storage Cell manufacturing plant in its wholly owned subsidiary Waaree Energy Storage Solutions Pvt. Ltd. The capex will be funded by mix of debt and internal accruals.
The board has also approved the appointment of Amit Paithankar, Chief Executive Officer (CEO), as an Additional Director of the company designated as Whole Time Director for a term of 5 years effective from December 23, 2024, subject to approval of shareholders.
please contact: contact@energetica-india.net.
Gaurav Dolwani
CEO
From Scrap to Sustainability: LICO Materials’ Circular Economy Approach
Gaurav Kumar
Head of Supply Chain and Manufacturing
Euler Motors Bridges Cost Gap Between EVs and ICE Vehicles with Localization
Shveta Arya
India Region Leader
Powering India’s Mobility Future: Cummins Showcases Advanced Power Solutions at Bharat Mobility
Samkit Shah
Co-Founder
Jitendra EV Leading Hybrid EV Revolution with Hydrix
Muthu Subramanian
MD & General Manager
From Charging to Swapping: How Yuma Energy is Changing EV Refueling