New Delhi, Apr 7 (PTI) Waaree Energy Storage System (WESS) on Wednesday said it has raised USD 2 million (about Rs 15 crore) in seed funding from an investor.
WESS is a wholly-owned subsidiary of solar PV module manufacturer Waaree Group.
"High-tech energy storage division of...WAAREE Group - WESS has raised USD 2 million in seed funding from an HNI investor amid the pandemic," WESS said in a statement.
The company however did not disclose any details with respect to the investor.
The proceeds will enable the company to strengthen energy storage capacities and bolster its footing across both domestic and international markets.
“Lithium-ion batteries are the cornerstone to the country''s ambitious green energy development plan and we are focused on contributing towards the government''s vision of achieving renewable energy targets of 175 GW by 2022.
"With easy maintenance will come the acceptance towards green energy transition among both corporates and consumers," Shiv Nath, Managing Director, WESS said. PTI ABI
Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI
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