The agreement marks the first large-scale partnership for Ola Mahashakti, the company’s upcoming energy storage platform for commercial, industrial, and utility-scale applications, which is scheduled to be launched on August 15.
Axis Energy is developing one of India’s largest storage-backed renewable energy pipelines. It has secured grid approvals for more than 3,750 MW of projects across Andhra Pradesh and Rajasthan, while another 3,500 MW is under development.
Also read: Ola Electric raises Rs 780 crore via QIP amid market share, cash burn pressure
The projects include firm and dispatchable renewable energy (FDRE), hybrid and other non solar configurations, all of which are expected to require large scale battery storage to improve renewable energy integration, strengthen grid reliability and enable round the clock clean power supply.
Ola Electric said its offering is built on a vertically integrated model spanning cell technology, manufacturing and system engineering. According to the company, this approach is aimed at improving safety and performance, strengthening supply chain security and reducing the total cost of ownership over the system’s lifecycle.
Commenting on the development, Chairman and Managing Director Bhavish Aggarwal said India will require energy storage at a massive scale and Ola’s integrated cell to system platform is designed to deliver advantages across safety, performance and ownership costs.He added that Axis Energy is the company’s first large scale partner, calling the agreement an early validation of Mahashakti’s potential, while noting that the company is witnessing strong interest from other potential partners as it builds long term industry relationships.
Read more: From setbacks to second wind, what next for Ola and Bhavish Aggarwal?
India’s energy transition is expected to drive significant demand for battery storage, with the Central Electricity Authority estimating that the country will need more than 400 GWh of storage capacity by 2032. Ola Mahashakti is designed to address this opportunity through an India designed and India manufactured BESS platform serving renewable energy integration, industrial power, grid infrastructure and data centre applications.
Ola share price performance
The stock is up 19% in the last three months and about 13% since the beginning of the year. However, in the last one month, Ola shares are down 8%.
The stock now trades 75% below its all-time high of Rs 157 it hit soon after listing back in 2024.
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