Waaree Renewable Technologies Invests in Smart Joules

Waaree Renewable Technologies Limited (WRTL), the EPC arm of Waaree Group, has announced a strategic investment in Smart Joules Pvt. Ltd., India’s largest Cooling-as-a-Service (CaaS) and energy efficiency company.

The investment marks WRTL’s entry into the energy efficiency and CaaS space, expanding its role beyond solar EPC and renewable project development into the wider climate tech ecosystem.

Broader Energy Transition Goals 

“Energy efficiency and Cooling-as-a-Service are pivotal to shaping a sustainable future. Our investment in Smart Joules reflects Waaree’s commitment to building a broader energy transition platform,” said Viren Doshi, Executive Director, WRTL.

Rajesh Sharma, Head of Investments and Growth at Waaree Group, added that the group aims to be a long-term partner to “disruptive, category-defining businesses” with both capital and strategic support.

Arjun P. Gupta, Founder and CEO of Smart Joules, said the partnership with Waaree will accelerate the company’s expansion of AI-driven efficiency and cooling solutions to industries, hospitals, and commercial facilities.

Smart Joules operates across three verticals: JoulePAYS (retrofit energy savings for existing buildings), JouleCOOL (cooling for new facilities), and DeJoule (AI-driven automation for energy efficiency). Backed by investors including ADB Ventures, Nadir Godrej, and Saket Burman, the company is targeting markets in India, Southeast Asia, MENA, and beyond.

WRTL, a subsidiary of Waaree Energies, has executed ~2.5 GW of projects and installed over 10,000 rooftop systems globally. With this deal, the company positions itself to play a larger role in the climate tech and energy transition space.

Recent Acquisitions 

The Waaree Group now seems to be on a spree for acquisitions to diversify its portfolios and allow its entry into multiple verticals of the energy segment. In September 2025, Waaree Energies made two notable acquisitions to strengthen its position across the energy value chain. Early in the month, the company acquired a 64% stake in Kotsons Private Limited for about ₹192 crore. Based in Alwar, Rajasthan, Kotsons is a leading transformer manufacturer with a production capacity of 4,000 MVA. The firm manufactures transformers up to 35 MVA/36 kV and holds UL certification for dry transformers, which enables it to export products to international markets, including the US and Canada. 

Later in mid-September, Waaree moved to acquire a 76% stake in Racemosa Energy (India) Pvt Ltd for around ₹53 crore. The Maharashtra-based firm specializes in manufacturing smart meters, a segment that is becoming increasingly critical under India’s smart metering push. The deal allows Waaree to integrate advanced metering technology into its offerings, complementing its existing solar and power infrastructure business and reinforcing its play in the broader energy ecosystem.