Waaree Arm Signs ZFI Pact for UP Green Hydrogen; Stock Up 2%

Shares of Waaree Energies Ltd surged 2% to hit a day’s high of Rs 2,984 on 24th February. This jump came after the company said its wholly owned subsidiary, Waaree Clean Energy Solutions, signed an “Electrolyzer-as-a-Service” (EaaS) agreement with ZFI. The deal is for a 2.5 MW electrolyser project in Uttar Pradesh.

The company said in a regulatory filing that the agreement supports ZFI’s green hydrogen expansion plans in Uttar Pradesh.

In addition, both companies signed a strategic memorandum of understanding (MoU). This MoU is to supply 50 MW of electrolysers under the EaaS model.

Waaree Energies also said it is in discussions with several state governments, including Andhra Pradesh. The talks are to set up a proposed greenfield battery manufacturing facility with an investment of over Rs 8,000 crore.

Last month, the company reported strong results for the quarter ended 31st December. Net profit rose 26% quarter-over-quarter to Rs 1,062 crore from Rs 842 crore in Q2. Meanwhile, revenue increased 24.7% sequentially to Rs 7,656 crore from Rs 6,065 crore.

At 11:36 AM, shares of Waaree Energies were trading 2.20% higher at Rs 2,979.90 on the NSE.

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