Ola Electric Partners With Axis Energy for Battery Storage

Ola Electric Mobility Ltd. signed a Memorandum of Understanding with Axis Energy to deploy up to 20 gigawatt-hour (GWh) of Battery Energy Storage Systems by 2032. This partnership serves as the first major collaboration under the company's Ola Mahashakti platform, which is scheduled for a formal launch on August 15.

The agreement outlines a strategic ramp-up in capacity, with annual deployments projected to reach 5 GWh starting in 2028. Axis Energy plans to integrate these systems into renewable energy projects located in Andhra Pradesh and Rajasthan to enhance grid reliability and the integration of clean energy.

Investors responded positively to the diversification beyond electric vehicles, driving Ola Electric shares up more than 10 percent to an intraday high of approximately Rs 42.6. The stock eventually closed 7.5 percent higher at Rs 41.44. Chairman and managing director Bhavish Aggarwal noted that the initiative addresses the massive scale of energy storage required in India.