Waaree Energy Storage System, the energy storage division of the Waaree Group, has raised $2 million in seed funding from an HNI investor, a company release said.
The newly infused operating capital will drive expansion of WESS’ manufacturing capabilities and aid product development with emphasis on smart IoT-based batteries and telematics, the release added.
Waaree ESS has been a pioneer in addressing demands of lithium batteries in material handling and traction equipment. It will now mobilize resources towards development of world-class energy storage systems for industrial, computing, telecom, residential requirements, apart from propel electrification of transport equipment in India—mainly two-wheelers and three-wheelers.
Also read: Waaree Energies Commissions Solar Power Project In Puducherry
According to Shiv Nath, Managing Director, Waaree ESS Pvt Ltd, “Lithium-ion batteries are the cornerstone to the country’s ambitious green energy development plan. In our effort to revolutionize the energy storage segment, we are foraying into the future with advancements 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.”
(Featured collage (not to scale) shows some energy-storage solutions of Waaree ESS Pvt Ltd.)
