Mumbai: Waaree Renewable Technologies Limited (WRTL) has executed definitive agreements for its proposed Rs 7.98 crore strategic investment in Smart Joules Private Limited (SJPL), an energy efficiency solutions provider focused on cooling infrastructure for commercial and industrial buildings.
The agreements, comprising a Share Subscription Agreement (SSA) and a Share Purchase Agreement (SPA), cover the purchase of equity shares from existing shareholders as well as the subscription to compulsory convertible preference shares (CCPS), the company said in a stock exchange filing on Thursday.
While the completion of the acquisition was originally scheduled for July 31, procedural requirements have pushed the timeline to August 30, 2025. A Deed of Adherence (DoA) will also be executed upon completion of the transaction, WRTL said.
The investment marks WRTL’s move into energy efficiency — a departure from its core business of renewable energy generation. A subsidiary of Waaree Energies, WRTL is expanding its portfolio to include technology-led decarbonisation solutions.
Smart Joules specialises in data-driven optimisation of cooling systems in buildings and industrial units. Its clients include hospitals, factories, and commercial spaces seeking to cut energy use and emissions from air conditioning and refrigeration.