Ola Electric Enters Utility-Scale Energy Storage With Axis Energy Tie-Up

Ola Electric Mobility Ltd has announced a Memorandum of Understanding (MoU) with Axis Energy for the potential deployment of up to 20 GWh of battery energy storage systems by 2032, marking the company's first major partnership in the utility-scale energy storage segment.

The agreement is the first large-scale tie-up for Ola Mahashakti, Ola's upcoming energy storage platform for commercial, industrial and utility-scale applications. The launch is scheduled for 15 August.

Ola Electric shares closed 7.54% higher at ₹41.48 after the company announced the MoU.

A New Growth Avenue For Ola

According to the company, the partnership serves as an early demonstration of the scale of demand that Mahashakti could address, establishing utility-scale battery energy storage systems as a significant new business avenue for Ola Electric.

Axis Energy, for its part, is developing one of India's largest pipelines of storage-backed renewable energy projects, having secured grid approvals for more than 3,750 MW of projects across Andhra Pradesh and Rajasthan, alongside a further pipeline of approximately 3,500 MW.

These projects span firm and dispatchable renewable energy, hybrid, and other non-solar configurations that will require substantial battery storage capacity to strengthen grid reliability and enable round-the-clock clean power delivery.

Comments From Company Leadership

Ravi Kumar Reddy Kataru, Chairman and Managing Director of Axis Energy Ventures, said that as the company's renewable energy portfolio continues to expand, battery energy storage remains essential for enabling reliable, round-the-clock clean power. He added that the MoU marks an important step towards evaluating indigenous battery storage solutions to support the next phase of the company's renewable energy growth.

Bhavish Aggarwal, Chairman and Managing Director of Ola Electric, said India will require energy storage at a massive scale and that the company's vertically integrated cell-to-system platform allows it to offer a stronger proposition on safety, performance and total cost of ownership. He noted that Axis Energy is Ola's first large-scale partner and an important early validation of Mahashakti's potential, adding that the company is seeing strong interest from other potential partners in the industry.

India's Storage Requirement And Mahashakti's Positioning

The Central Electricity Authority (CEA) estimates that India will require more than 400 GWh of storage capacity by 2032 as the country's energy transition accelerates. Mahashakti has been positioned to address this opportunity as an India-designed and India-manufactured battery energy storage platform, with applications spanning renewable energy integration, industrial power, grid infrastructure and data-centre use cases.

Ola Electric's approach is built on vertical integration spanning cell technology, manufacturing and system engineering, which the company says is designed to give customers greater control over safety and performance, stronger supply chain security and a lower total cost of ownership over the system's operating life.

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