[Funding alert] Waaree Group’s energy storage arm WESS raises $2M in seed round
High-tech energy storage division of WAAREE Group — Waaree Energy Storage System (WESS) — on Wednesday said it has raised $2 million in seed funding from an HNI investor.
According to a statement, the startup will use the newly infused capital to drive the expansion of its manufacturing capabilities and aid product development with laser-sharp emphasis on smart IoT-based batteries and telematics.
Moreover, it will enable the startup to strengthen its energy storage capacities and bolster its footing across both domestic and international frontiers.
Speaking about the development, Shiv Nath, Managing Director, Waaree ESS Pvt. Ltd., said,
“Lithium-ion batteries are the cornerstone to the country’s ambitious green energy development plan, and we are focussed on contributing towards the government’s vision of achieving RE targets of 175GW by 2022. With easy maintenance will come the acceptance towards green energy transition among both corporates and consumers.
"We’ve achieved remarkable success in delivering state-of-the-art solutions in last year and have supplied around 16 million watt-hours to companies," he added.
WESS is also foraying into the future with advancement in integrated and high-tech battery management systems and charging solutions. In fact, the startup is bullish on creating economically viable and easy-to-adopt solutions to push forward the adoption of solar across varied facets of daily 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. While we continue to enjoy our leverage in cutting-edge technology features, our mission has always been to provide practical solutions to optimise performance, and be the front-runners of the solar revolution, trailing across the corners of the globe,” Shiv added.
The startup will also focus on proliferating high-end two-wheeler and three-wheeler batteries to optimise lifecycles to yield improved results, making them re-usable. This, in turn, will also give impetus to the recyclable energy ecosystem in India, thus significantly paving the path for a circular economy in the country.