Key Highlights
- Ola Electric signed its first utility-scale energy storage MoU with Axis Energy.
- The agreement targets deployment of up to 20 GWh of battery energy storage systems by 2032.
- Mahashakti utility-scale and C&I energy storage platform is scheduled to launch on August 15.
- Annual deployment could ramp up to 5 GWh from 2028.
- Axis Energy has secured grid approvals for more than 3,750 MW of renewable energy projects.
- CEA estimates India will require around 400 GWh of battery energy storage capacity by 2032.
- Ola Electric said Mahashakti is designed as a vertically integrated cell-to-system platform.
Ola Electric Mobility Limited has announced its entry into the utility-scale battery energy storage segment by signing its first Memorandum of Understanding (MoU) with Axis Energy. The agreement outlines the potential deployment of up to 20 GWh of Battery Energy Storage Systems (BESS) by 2032, marking the company’s first large-scale partnership for its upcoming energy storage platform, Mahashakti.
The company said the collaboration is an early demonstration of demand for Mahashakti, Ola Electric’s utility-scale and commercial & industrial (C&I) energy storage platform, which is scheduled to launch on August 15. Under the agreement, deployment is expected to ramp up from 2028, with annual installations of up to 5 GWh.
Axis Energy develops storage-backed renewable energy projects and has secured grid approvals for more than 3,750 MW of projects across Andhra Pradesh and Rajasthan. According to Ola Electric, the partnership will focus on integrating large-scale battery energy storage systems into renewable energy projects to improve grid reliability, renewable energy integration, and round-the-clock clean power delivery.
The company noted that India’s Central Electricity Authority (CEA) estimates the country will require around 400 GWh of battery energy storage capacity by 2032. Ola Electric said its Mahashakti platform is designed as a vertically integrated cell-to-system solution, covering cell technology, manufacturing, and system engineering to improve safety, supply-chain security, and total cost of ownership.
Commenting on the development, Ravi Kumar Reddy Kataru, Chairman and Managing Director of Axis Energy Ventures, said the partnership represents an important step toward evaluating indigenous battery storage solutions to support the next phase of renewable energy growth.
Bhavish Aggarwal, Chairman and Managing Director of Ola Electric, said the agreement validates the potential of the Mahashakti platform and strengthens the company’s efforts to build long-term partnerships in the energy storage sector.
Axis Energy Ventures, headquartered in Hyderabad, has over 15 years of experience in renewable energy development. The company has commissioned more than 1.5 GW of renewable energy capacity and has a development pipeline exceeding 8.5 GW. It also has a strategic partnership with Brookfield Renewable through Evren, a joint venture backed by Brookfield’s Global Transition Fund II.
The announcement marks Ola Electric’s expansion beyond electric mobility into utility-scale energy storage, a segment expected to play a significant role in supporting India’s renewable energy transition.