Waaree Energy raises $2 million in seed funding for EV battery tech

Waaree Energy Storage Systems (WESS), part of the Mumbai-headquartered Waaree Group has raised $2 million (Rs 14 crore) from HNI’s in seed funding. The newly infused operating capital will drive expansion of WESS’s manufacturing capabilities and aid product development with emphasis on smart IOT-based batteries for electric vehicles.

WESS says it is addressing demands of lithium batteries in material handling and traction equipment. It will continue to mobilise resources towards development of energy storage systems to propel electrification of transport in India with hybrid products in powertrain such as chargers, batteries, and motor controllers.

It aims to focus on proliferating high-end two-wheeler and three-wheeler batteries along with state-of-the-art solutions for e-bikes to optimise lifecycles in individual vehicles and fleets. The company is also working on electric mobility solutions by deploying its resources for EV charging technology with viable on-demand charging infrastructure that will function independent of real estate.

Shiv Nath, MD, Waaree ESS said, “Lithium-ion batteries are the new fuel and the cornerstone to the country’s ambitious green energy development plan. With our integrated product advancement in new cell chemistries and power electronics, we will attain an edge in high-efficiency energy storage solutions to transition towards sustainable energy in the automobile industry. The EV segment is predicted to show a CAGR of 30-40% in the next decade, which presents a mass-scale opportunity to accelerate growth across the entire value chain including product catalogue development and telematics.”

“In our effort to revolutionise the energy storage segment, we are foraying into the future with innovative and integrated high-tech smart battery management systems and charging solutions. Our mission is to provide optimum performance-oriented solutions and bolster our footing across domestic and international frontiers. This round of funding will help us double down on product capabilities, formulate our approach to repurpose end–of–life batteries and cement our segment leadership. While we continue to enjoy our leverage in cutting edge technology features, we are focused on contributing towards the government’s vision of making India a leading electric vehicle manufacturer in the world.”