Chilling with the Best: Waaree Renewable’s Smart Joules Partnership Cools Carbon

Waaree Renewable Technologies Limited (WRTL), a leading Indian solar energy solutions provider, has announced a strategic investment in Smart Joules Pvt. Ltd., India’s largest and fastest-growing Cooling-as-a-Service (CaaS) and energy efficiency company. This move marks Waaree’s expansion beyond solar EPC into the broader climate technology ecosystem, reflecting its commitment to driving sustainable, integrated energy solutions across India and beyond.

Strategic Investment Highlights
WRTL’s investment in Smart Joules is more than a financial transaction—it represents a strategic partnership aimed at accelerating energy transition by combining solar power generation with innovative energy efficiency approaches. Smart Joules specializes in AI-driven cooling and automation solutions that optimize energy consumption in commercial and industrial buildings, hospitals, factories, and infrastructure projects.

The deal includes the execution of two key agreements: a Share Subscription Agreement (SSA) and a Share Purchase Agreement (SPA), covering acquisition of equity shares from existing stakeholders and subscription to compulsory convertible preference shares (CCPS). This dual structure strengthens WRTL’s stake and long-term interests in Smart Joules.

Visionary Comments from Leadership
Mr. Viren Doshi, Executive Director of Waaree Renewable Technologies, stated, “Our investment in Smart Joules underlines Waaree’s dedication to building a comprehensive energy transition platform. Cooling-as-a-Service is emerging as a game-changing global model that aligns perfectly with the escalating demand for climate-friendly, pay-per-use energy services. India, Southeast Asia, MENA, and parts of Africa and Latin America represent huge markets, and we are excited to support Smart Joules as it captures this opportunity.”

Rajesh Sharma, Head of Investments and Growth at Waaree Group, emphasized the company’s mission: “At Waaree, we do more than invest capital — we provide strategic partnerships, global networks, and a founder-first approach to help visionary teams grow. Our collaboration with Smart Joules signifies our commitment to championing transformative climate tech businesses.”

Smart Joules’ Founder & CEO, Mr. Arjun P. Gupta, expressed enthusiasm, saying, “Welcoming Waaree as both a strategic investor and partner empowers us to rapidly expand our AI-powered cooling and energy efficiency solutions. Together, we can make sustainable cooling affordable and accessible across sectors.”

Expanding the Energy Ecosystem
This investment fits into Waaree’s broader strategy to diversify beyond solar generation and into energy management, AI, and cleantech innovation. Smart Joules operates three key product verticals: JoulePAYS (retrofits for energy savings), JouleCOOL (cooling infrastructure for new buildings), and DeJoule (AI-based automation for energy optimization).

Waaree’s portfolio now spans large-scale solar generation, transformer manufacturing, smart metering, and cutting-edge energy services—positioning the group as a full-spectrum player in India’s energy transition narrative.

Market and Industry Impact
As India races toward its ambitious renewable energy and carbon neutrality goals, effective cooling and energy efficiency are critical for managing peak demand and reducing overall emissions. The Cooling-as-a-Service model pioneered by Smart Joules offers a scalable, pay-as-you-go alternative that reduces upfront costs while enhancing sustainability.

The strategic partnership is anticipated to catalyze new energy efficiency projects across commercial real estate, healthcare, manufacturing, and public infrastructure—sectors with tremendous energy saving potential.

Financial Health and Growth Outlook
Waaree Renewable Technologies recently reported robust quarterly results, driven by a strong EPC order book and solar project execution. Its growing footprint in climate tech investments complements these operational strengths and creates multiple revenue streams aligned with emerging market trends.

Sources: SolarQuarter, SaurEnergy, Angel One, Waaree Renewable Technologies