Ola Electric and Axis Energy Sign MoU to Advance Utility-Scale Energy Storage

Ola Electric and Axis Energy Sign MoU to Advance Utility-Scale Energy Storage​

Ola Electric Mobility Limited has signed a Memorandum of Understanding (MoU) with Axis Energy Ventures regarding the potential deployment of large-scale battery energy storage systems. The partnership focuses on Mahashakti, Ola's upcoming utility-scale and Commercial & Industrial (C&I) energy storage platform, which is scheduled to launch on August 15.

The MoU outlines a significant commitment for India’s expanding energy sector, setting the potential deployment of up to 20 GWh of battery energy storage systems by 2032. This includes a targeted ramp-up to 5 GWh annually beginning from 2028.

Ola's Mahashakti platform is designed as a first in India that is vertically integrated, covering the entire cell-to-system process. This model aims to deliver enhanced safety, supply security, and a lower total cost of ownership for customers utilizing the system. The partnership with Axis Energy represents a major early demonstration of the demand Mahashakti can address within the market.

Supporting India's Clean Energy Transition​

The agreement comes amid growing calls for storage solutions as India pursues its energy transition goals. The Central Electricity Authority (CEA) estimates that India will require over 400 GWh in storage capacity by 2032.

Axis Energy Ventures is actively building one of India’s largest pipelines of storage-backed renewable projects. The company has secured grid approvals for more than 3,750 MW across Andhra Pradesh and Rajasthan, representing a strong pipeline of approximately 3,500 MW. These projects involve Firm and Dispatchable Renewable Energy (FDRE), hybrid systems, and other non-solar configurations that require large-scale BESS to improve grid reliability and ensure consistent clean energy delivery.

Ola’s proposition is built on this vertical integration approach, spanning from cell technology through manufacturing and system engineering. This is designed to give users stronger supply-chain security and greater control over the safety and performance of the system throughout its operating life.

Leadership Views on Strategic Partnership​

Commenting on the association, Ravi Kumar Reddy Kataru, Chairman and Managing Director of Axis Energy Ventures, stated that battery energy storage is essential for enabling reliable, round-the-clock clean power as their renewable portfolio expands. He noted that the MoU marks an important step toward evaluating indigenous battery storage solutions to support the next phase of their renewable energy growth.

Bhavish Aggarwal, Chairman and Managing Director of Ola Electric, emphasized the critical role of energy storage in India's future. He stated that "India will need energy storage at a massive scale," and their vertically integrated cell-to-system platform enables them to offer a strong value proposition across safety, performance, and total cost of ownership. Aggarwal noted that Axis Energy being the first large-scale partner provides important validation of Mahashakti's potential and strengthens momentum in building long-term industry partnerships.

Company Profiles​

Axis Energy Ventures:
Headquartered in Hyderabad, Axis Energy Ventures India Private Limited is a leading renewable energy company with over 15 years of experience in developing utility-scale wind, solar, hybrid, and integrated energy solutions across India. The company has commissioned more than 1.5 GW of capacity and holds a development pipeline exceeding 8.5 GW.

Ola Electric Mobility Limited:
Ola Electric Mobility is an EV manufacturer specializing in the vertical integration of technology and manufacturing for electric vehicles and their components, including battery cells. Ola operates the Ola Future factory in Tamil Nadu, which serves as a major EV hub, supported by the Bengaluru-based Battery Innovation Centre (BIC). The company maintains a direct-to-customer distribution network across India.

OLAELEC Stock Price Movement​

Shares of Ola Electric Mobility Limited are edging higher to ₹39.29 as of 9:23 AM, gaining 1.87% in live trading. The stock trades on strong buying momentum, with over 3.86 million shares changing hands this morning.