The capital will be used in expanding the manufacturing, product development capabilities of the company.
New Delhi: Waaree Energy Storage System (ESS), the energy storage division of Mumbai-based solar module manufacturer Waaree Group, on Wednesday said it has raised $2 million in seed funding from an investor.
It added that the operating capital would be utilised in expanding the arm’s manufacturing, product development capabilities and its footing across both domestic and international space.
According to the company press release, it will now mobilise resources towards development of energy storage systems for industrial, computing, telecom, and electrification of transport in India.
“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, and formulate our approach to repurpose the end-of-life batteries…,” said Shiv Nath, managing director, Waaree ESS.
The firm added that it would focus on proliferating high-end two-wheeler and three-wheeler batteries to optimise life cycles, yield improved results and make it reusable.