E-Vehicle Battery Manufacturer Secures Purchase Order of Supplying a 20KWh for Hybrid Energy System, Expands Battery Business
The company strengthens its renewable energy portfolio after acquiring Waaree ESS's battery business, positioning itself for future growth.
Waaree Technologies Ltd has announced the receipt of a purchase order from Waaree Renewable Technologies Ltd for the supply of a 20KWh Hybrid system with a total capacity of 35.84KWh. The order includes batteries, battery racks, inverters, and solar panels, reinforcing the company’s position in the renewable energy sector.
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The order, awarded by a domestic entity, aligns with Waaree Technologies' expertise in sustainable energy solutions. This development marks a strategic move towards expanding its portfolio in hybrid energy systems, further strengthening its market presence.
In FY23, company purchased battery business of Waaree ESS Private Limited on going on concern basis. Consequently, all the assets and liabilities of battery business of Waaree ESS along with the manufacturing facility were transferred to them. Currently, company is undertaking battery manufacturing from these premises and accordingly their revenues comprise both trading and sale of battery cells and batteries.
About Company
WAAREE Energies Ltd. engages in the provision of energy solutions. It manufactures and supplies solar panels. It operates through the following segments: Solar Photovoltaic Modules; Generation of Power; and Engineering, Procurement, and Construction Contracts (EPC). The company was founded on December 18, 1990 and is headquartered in Mumbai, India.
WTS is a high tech energy storage division of the Waaree group. It is a Cell to System Technology company offering premium quality energy storage solutions for renewable energy applications and Electric Utilities, solar energy electricals storage systems.
With a market capitalisation of Rs 296 crore. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.