Ola Electric Mobility Limited has expanded into the utility-scale energy storage segment with the signing of its first Memorandum of Understanding (MoU) with Axis Energy, as per the exchange filings.
The agreement marks the first large-scale partnership for Ola Mahashakti, the company's upcoming energy storage platform for utility-scale and commercial & industrial (C&I) applications, scheduled for launch on August 15, 2026.
The partnership outlines the potential deployment of up to 20 GWh of Battery Energy Storage Systems (BESS) by 2032.
Deployment is expected to scale up to 5 GWh annually from 2028, making this the first major commercial collaboration for the Mahashakti platform.
The Central Electricity Authority (CEA) estimates that India will require more than 400 GWh of energy storage capacity by 2032.
Mahashakti has been developed as an India-designed and India-manufactured BESS platform for renewable energy integration, industrial power, grid infrastructure and data centres.
Ola's platform is built on a cell-to-system model that integrates cell technology, manufacturing and system engineering.
According to the company, this approach is designed to deliver enhanced safety, better performance, stronger supply-chain security and a lower total cost of ownership.
Axis Energy has secured grid approvals for over 3,750 MW of renewable projects across Andhra Pradesh and Rajasthan.
The company also has a development pipeline of around 3,500 MW, covering FDRE, hybrid and other non-solar projects that require large-scale battery storage to improve renewable integration and grid reliability.
Ravi Kumar Reddy Kataru, Chairman and Managing Director, Axis Energy Ventures, said the MoU is "an important step" towards evaluating indigenous battery storage solutions for the company's expanding renewable energy portfolio.
Bhavish Aggarwal, Chairman and Managing Director, Ola Electric, said "India will need energy storage at a massive scale" and described Axis Energy as the company's first large-scale partner, adding that the agreement provides early validation of Mahashakti.
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As of 05 August 2026, at 3:36 PM, Ola Electric Mobility Limited share price closed at ₹41.50 per share, reflecting a surge of 7.65% from the previous trading session.
The MoU marks Ola Electric's first large-scale collaboration for its Mahashakti platform and adds utility-scale battery energy storage to the company's portfolio. The partnership also establishes a framework for deploying BESS across renewable energy projects through a phased rollout extending to 2032.
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Published on: Aug 5, 2026, 3:53 PM IST
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