Waaree Renewable Technologies Ltd, the solar engineering division of Waaree Energies, has announced a strategic investment in Smart Joules, a company focused on cooling solutions and energy efficiency. Smart Joules is currently the largest provider of Cooling-as-a-Service (CaaS) in India, offering energy-saving systems for hospitals, industrial units, and commercial buildings. The company uses a mix of technology platforms, including an AI-based automation tool, to reduce power consumption and carbon emissions.
Viren Doshi, Executive Director at Waaree Renewable Technologies, said the move aligns with the company’s goal to expand its presence in the broader energy transition sector.
“Energy efficiency and sustainable cooling are increasingly important in fast-growing regions such as India, Southeast Asia, and the Middle East,” he said. “This partnership allows us to support new technologies that reduce energy use and environmental impact.”
Rajesh Sharma, who leads investment and growth strategy at Waaree Group, said the CaaS model is gaining momentum as businesses shift from ownership to service-based solutions. “The need for efficient cooling is rising with climate change and urban growth,” Mr Sharma noted. “We believe Smart Joules is in a strong position to lead in markets across Asia, Africa, and Latin America.” He also pointed out that Waaree is exploring investments beyond clean energy, including sectors like artificial intelligence, software, manufacturing, and digital infrastructure.
Smart Joules delivers its energy efficiency solutions through three key offerings designed to reduce power consumption and improve cooling performance. JoulePAYS focuses on upgrading existing buildings and industrial facilities by retrofitting them with high-efficiency cooling systems, helping clients lower energy use without upfront capital costs. For newly constructed sites, JouleCOOL offers integrated cooling solutions tailored to the design and requirements of modern infrastructure.
In addition to hardware solutions, Smart Joules leverages technology through DeJoule, its AI-driven platform that monitors, automates, and optimizes energy usage in real time. By combining engineering and automation, the company ensures sustained energy savings across various sectors, including healthcare, manufacturing, and commercial real estate. The company is supported by investors including ADB Ventures, Nadir Godrej, and Saket Burman.
Arjun P Gupta, Founder and CEO of Smart Joules, said the investment will help the company scale its offerings and reach new clients. “Waaree’s experience in renewable energy and its global reach will support our goal of making efficient cooling more accessible, especially for sectors that need it the most,” Gupta said.
Waaree Renewable Technologies Ltd is a key subsidiary of the Waaree Group, focused on solar EPC services and development. Headquartered in Mumbai, WRTL is also engaged in financing, constructing, and operating solar projects. The company serves commercial, industrial, and individual clients, providing sustainable energy solutions through both on-site and offsite solar installations. Waaree Group is committed to reducing carbon emissions by encouraging the adoption of renewable energy solutions.
