Waaree Energies Ltd. said that its board has authorized three investment proposals totaling Rs 850 crore to establish facilities for the production of electrolysers and storage cells.

Additionally, the board authorized Rs 130 crore in capital expenditures (capex) for the invertor business through Waaree Power Private Limited, its wholly-owned subsidiary.

"Capital expenditure of Rs 551 crore and investment of Rs 200 crore for 300 MW electrolyser manufacturing plant in its wholly-owned subsidiary Waaree Clean Energy Solutions, under the PLI Scheme," according to a filing made by Waaree Energies, was approved by the board.

Additionally, it authorized a Rs 650 crore investment and Rs 2,073 crore capital expenditure for the establishment of a 3.5 GWh Lithium-Ion Advanced Chemistry Storage Cell manufacturing facility under its wholly-owned subsidiary Waaree Energy Storage Solutions.

The corporation stated that a combination of internal accruals and debt will be used to finance the capital expenditures.

The CEO, Amit Paithanka, was also appointed by the board as an Additional Director of the firm, with the title of Whole Time Director.

The shareholders must approve his appointment, which will take effect on December 23, 2024, and last for five years.