Waaree Energies has formalized two significant agreements in the green hydrogen sector through its wholly owned subsidiary, Waaree Clean Energy Solutions Private Limited. The company announced an Electrolyzer as a Service (EAAS) agreement for a 2.5 MW electrolyzer with Zero Footprint Industries Ltd (ZFI) and a strategic memorandum of understanding to supply 50 MW of electrolyzers, collectively supporting India's green hydrogen mission.

Strategic Partnership Details

The agreements represent a comprehensive approach to green hydrogen development in Northern India. Under the EAAS model, Waaree will design, engineer, supply, install, commission, own and operate a 2.5 MW alkaline electrolyzer system manufactured at its Dungri plant in Gujarat.

Project Timeline and Implementation

The first project follows an accelerated timeline of approximately seven months, positioning it among the fastest implementations globally. Stack delivery is scheduled for the second quarter of FY 2026-27, with commercial operations expected by the third quarter of FY 2026-27.

The project targets multiple industrial sectors including mentha oil, chemical, steel and pharmaceutical industries, facilitating their transition from grey hydrogen to green hydrogen. ZFI's existing merchant green hydrogen plant of 250 m3/hr in Uttar Pradesh provides operational foundation for this expansion.

Market Impact and Environmental Benefits

The combined 52.5 MW capacity from these agreements supports India's National Green Hydrogen Mission target of 5 MMTPA production. The project is backed by Uttar Pradesh New & Renewable Development Agency (UPNEDA) under its Green Hydrogen Policy 2024.

Anuj Sharma, CEO of Hydrogen business at Waaree, emphasized the agreement demonstrates the company's advanced alkaline electrolyzer technology and operational capabilities. The EAAS model provides a scalable solution for rapid green hydrogen deployment across decentralized locations while ensuring reliable operations and energy efficiency.

Waaree Energies Limited has issued a regulatory clarification under Regulation 30(11) of SEBI Listing Regulations regarding media reports about a battery giga-factory investment in Andhra Pradesh. The clarification comes in response to a news item published in The Hindu on February 19, 2026, titled "Andhra secures Waaree Energies' battery giga-factory with ₹8,175 crore investment."

Board Approval and Investment Details

The company confirmed that its Board of Directors had previously approved a significant expansion in manufacturing capacity during a meeting held on October 01, 2025. The board decision involved increasing the production capacity of Lithium-Ion Advanced Chemistry Storage Calls and Battery Energy Storage Systems (BESS) from the current 3.5 GWh to 20 GWh.

Subsidiary and Manufacturing Plans

The expansion will be implemented through the company's wholly owned subsidiary, Waaree Energy Storage Solutions Private Limited, with an additional capital expenditure of approximately ₹8,000 crores. This information was duly communicated to the stock exchanges on October 01, 2025, as per regulatory requirements.

Government Discussions and Site Selection

Following the board approval, Waaree Energies confirmed it is currently engaged in discussions with multiple state governments regarding the proposed greenfield manufacturing facility. The company specifically mentioned ongoing talks with:

• Government of Andhra Pradesh
• Certain other state governments

The company emphasized that these discussions are part of the site selection process for establishing the new manufacturing facility as approved by the board.

Regulatory Compliance and Market Movement

In its clarification, Waaree Energies addressed concerns about share price movements, stating that any price fluctuations are market-driven. The company explicitly confirmed that there is no Unpublished Price Sensitive Information pending disclosure to the stock exchanges.

The company reiterated its commitment to regulatory compliance, stating it has always adhered to the provisions of Regulation 30 of SEBI Listing Regulations and will continue to do so. Waaree Energies assured stakeholders that it will keep stock exchanges informed of any material developments in this matter in accordance with applicable regulations.

The clarification was signed by Rajesh Ghanshyam Gaur, Company Secretary & Compliance Officer, and submitted to both BSE Limited and National Stock Exchange of India Limited on February 19, 2026.