Ola Electric Mobility on Wednesday signed a memorandum of understanding with Axis Energy for the potential deployment of up to 20 GWh of battery energy storage systems by 2032, marking the first large-scale partnership for its upcoming Mahashakti energy-storage platform.
Mahashakti, scheduled for launch on August 15, will cater to commercial, industrial and utility-scale applications. The agreement opens a significant new growth avenue for Ola as India prepares for a sharp rise in renewable capacity and round-the-clock clean-power demand.
The Central Electricity Authority estimates that India will require more than 400 GWh of energy storage by 2032. Ola said Mahashakti would address this opportunity through an India-designed and India-manufactured battery energy storage platform spanning renewable-energy integration, industrial power, grid infrastructure and data-centre applications.
The announcement lifted investor sentiment, with Ola Electric shares gaining 7.44% to close at ₹41.42 on the BSE on Wednesday.
“India will need energy storage at a massive scale, and our vertically integrated cell-to-system platform enables us to deliver a stronger proposition across safety, performance and total cost of ownership,” Ola Electric chairman and managing director Bhavish Aggarwal said.
Calling Axis Energy Ola’s first large-scale partner, Aggarwal said the agreement offered an early validation of Mahashakti’s potential and strengthened the company’s momentum in building long-term industry partnerships.
Axis Energy is developing one of India’s largest pipelines of storage-backed renewable projects. It has secured grid approvals for more than 3,750 MW of projects in Andhra Pradesh and Rajasthan and has another pipeline of about 3,500 MW.
The projects span firm and dispatchable renewable energy, hybrid and other non-solar configurations. They will require large-scale battery storage to improve renewable-energy integration, strengthen grid reliability and deliver firm, round-the-clock clean power.
“As our renewable energy portfolio continues to expand, battery energy storage is quintessential to enabling reliable, round-the-clock clean power,” Axis Energy Ventures chairman and managing director Ravi Kumar Reddy Kataru said.
“This MoU marks an important step towards evaluating indigenous battery storage solutions that will support the next phase of our renewable energy growth,” he added.
Ola’s storage proposition is based on vertical integration across cell technology, manufacturing and system engineering. The company said this would provide greater control over safety and performance, strengthen supply-chain security and lower the total cost of ownership over the system’s operating life.