Waaree Energies Ltd has announced the board has cleared a line of series of major investments, amounting to Rs 850 cr, to take manufacturing capacities into electrolyser and storage cells. The company will bank on booming demand for clean energy technology, especially in the hydrogen as well as the solar-energy sector.
Investments in Electrolyser Manufacturing and Storage Technology
The board has sanctioned a capex of Rs 551 crore and additional investment of Rs 200 crore for setting up a 300 MW electrolyser manufacturing plant under its wholly-owned subsidiary, Waaree Clean Energy Solutions. This investment is in line with the government’s Production Linked Incentive Scheme to boost manufacturing capacity for green technologies in India.
Along with the electrolyser facility, the company has also approved an investment of Rs 130 crore for the scaling up of its inverter business through its subsidiary Waaree Power. Through this capex, it will look forward to bolstering its business in a booming market like solar energy.
Funding Mix for New Initiatives
The company aims to fund the capex of the electrolyser manufacturing facility by using a combination of debt and internal accruals.
Waaree Energies said that it has made appointment of Amit Paithanka as an Additional Director and Whole Time Director of the Company. His appointment would be effective from December 23, 2024. The appointment is also conditional on approval from shareholders of the company. This appointment of Amit Paithanka as Additional Director and Whole Time Director further reiterates his growing leadership responsibilities within the company as it sets off on its expansion plans.
Also read: Hy2B Wasserstoff Launches Testing of 5-MW Electrolyser in Bavaria
Strengthening Clean Energy Vision
Strategic investments are a commitment by Waaree Energies to expanding India’s clean energy transition. It is increasing its electrolyser manufacturing capacity and further developing its inverter business with the aim of playing a significant role in India’s renewable energy future, contributing to the nation’s energy independence and sustainability goals.