Waaree Energies Unit Bags Green Hydrogen Project in Karnataka
Waaree Clean Energy Solutions Private Ltd (WCES), fully owned by Waaree Energies Ltd., has obtained an order to establish a green hydrogen project at TMEIC Industrial Systems India's site in Tumkur, Karnataka.
The initiative will establish a unified green hydrogen system encompassing production, storage, and usage all within one industrial location.
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WCES will implement a hybrid system that integrates both PEM (Proton Exchange Membrane) and Alkaline electrolysers, coordinated through centralized automation for operational adaptability.
In addition to hydrogen production, the project involves compression, storage, and a refuelling station designed for high pressure. It will additionally include an EV charging station fueled by hydrogen cells, positioning it among the rare sites in India showcasing both hydrogen and electric mobility together.
WCES will oversee the project from start to finish — including engineering, procurement, and commissioning — and will operate and maintain the facility for five years after commissioning.
The initiative is positioned to align with India’s National Green Hydrogen Mission and aims to act as a model that can be replicated in future implementations. Anuj Sharma, CEO of WCES, stated that the initiative showcases the company’s commitment to developing scalable green hydrogen technologies to aid India’s transition to clean energy.
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WCES provides comprehensive clean energy solutions that include solar, green hydrogen, and energy storage, supported by Waaree Energies’ production and implementation capabilities.
Boasting a market capitalization nearing Rs.750 billion, Waaree Energies undoubtedly stands as the largest entity in India's solar manufacturing sector at present. The company, representative of India's ambitions in solar manufacturing, has placed major bets not only on expanding solar production capacity ahead of many competitors but also by rapidly entering related sectors, establishing a benchmark for the industry.
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This has been achieved due to a robust balance sheet and the Waaree management's conviction that the solar narrative is poised to continue for a long time in India and globally. The achievements following years of silent hard work until recently have triggered a rapid chase for expansion and size that is seldom observed in any other industry. We examine the complete narrative and potential outcomes.
The approval by Waaree Energies' board for a Rs.10,000 crore fundraising — to be achieved via QIP or other allowable methods such as equity shares, non-convertible debentures with warrants, or other valid securities — does not come as a shock to those who closely monitored its Q4 FY26 earnings report.
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The figures below the headline were impressive: consolidated revenue for FY26 reached Rs.26,537 crore and the net profit for the year was Rs.3,884 crore. However, what was more significant than the reported strength was the indication the company gave regarding what lies ahead.