Waaree Energies has announced plans to set up a 16 GWh integrated lithium-ion battery manufacturing plant in Rambili, Anakapalli, Andhra Pradesh, with an investment of ₹81.75 billion (~$901.26 million).

The integrated greenfield lithium-ion manufacturing plant will cover the entire battery value chain, including cell manufacturing, battery packs, and large-scale battery energy storage systems.

The project has received in-principle approval from the Andhra Pradesh State Investment Promotion Board.

Last year, Waaree had raised over ₹20 billion (~$220.49 million) from investors. The proceeds were intended to be used for battery cell and pack manufacturing, scaling containerized battery energy storage systems, and setting up a lithium-ion advanced-chemistry storage cell manufacturing plant.

In November 2025, Waaree Energy Storage Systems, the battery energy storage arm of Waaree Energies, raised ₹3.25 billion (~$36.65 million) as part of a ₹10 billion (~$112.78 million) funding round led by investment firm Niveshaay.

The same year, Waaree Energy Storage Solutions also secured ₹10.03 billion (~$111.16 million) in funding from a group of strategic investors, including family offices, high-net-worth individuals, and institutional backers.

Waaree Energies also invested ₹3 billion (~$33.79 million) in its wholly owned subsidiary, Waaree Energy Storage Solutions, through a rights issue. The funding was intended to be used for the lithium-ion storage cell plant.

In Q3 FY 2026,  Waaree Energies’ revenue from operations rose 118.8% year-over-year (YoY) to ₹75.65 billion (~$826.77 million) from ₹34.57 billion (~$377.84 million). The company attributed the revenue increase to strong module sales. Its module sales rose 124.9% YoY to ₹69.9 billion (~$763.92 million) from ₹31.08 billion (~$339.71 million).

In January 2025, the Andhra Pradesh government greenlighted several renewable energy projects totaling ₹158 billion (~$1.75 billion) at the 14th State Investment Promotion Board meeting. The approvals for renewable energy projects were part of the ₹193.91 billion (~$2.15 billion) investment proposals cleared in the meeting.