Ola Electric signs MoU for 20 GWh of battery storage deployment by 2032

The Axis Energy MoU marks Ola Electric's first commercial partnership for its upcoming utility-scale battery energy storage systems platform launch on August 15

Ola Electric Mobility on Wednesday announced the signing of a memorandum of understanding (MoU) with renewable energy company Axis Energy for the potential deployment of up to 20 gigawatt hours (GWh) of battery energy storage systems by 2032.

 

The announcement marks Ola's formal entry into the utility-scale battery energy storage systems (BESS) segment. The agreement is the first large-scale partnership for Mahashakti, Ola Electric’s proposed energy storage platform for commercial, industrial and utility-scale applications, the company said in an exchange filing. The platform is scheduled to be launched on August 15.

 

The proposed deployment is expected to be scaled up to 5 GWh annually from 2028, according to the filing. The companies did not disclose the financial terms of the agreement or provide a year-wise deployment schedule.

 

 

Ola Electric said the platform would cover applications such as renewable energy integration, industrial power, grid infrastructure and data centres. It will use the company’s battery cells, manufacturing facilities and system-engineering capabilities.

 

Axis Energy, a Hyderabad-based renewable energy developer, has secured grid approvals for more than 3,750 MW of projects across Andhra Pradesh and Rajasthan and has an additional pipeline of around 3,500 MW. The company said battery storage would be critical for improving renewable energy integration and enabling round-the-clock clean power supply.

 

Citing Central Electricity Authority estimates, Ola said the country would require more than 400 GWh of energy storage capacity by 2032, making the proposed 20 GWh deployment a "small but early step towards meeting that requirement".

 

“As our renewable energy portfolio continues to expand, battery energy storage is quintessential to enabling reliable, round-the-clock clean power. This MoU marks an important step towards evaluating indigenous battery storage solutions that will support the next phase of our renewable energy growth,” Axis Energy Ventures Chairman and Managing Director Ravi Kumar Reddy Kataru said.

 

Ola Electric Chairman and Managing Director Bhavish Aggarwal said the partnership represented the company’s first large-scale agreement for the proposed platform. “India will need energy storage at a massive scale and our vertically integrated cell-to-system platform enables us to deliver a stronger proposition across safety, performance and total cost of ownership. Axis Energy is our first large-scale partner and an important early validation of Mahashakti’s potential. We are witnessing a strong interest from potential partners in the industry, and this MoU further strengthens our momentum in building long-term partnerships,” he said.

 

The latest announcement builds on Ola's gradual expansion into battery storage. In October 2025, it unveiled Shakti, a residential battery storage system, saying the platform would eventually expand to grid-scale applications powered by its Bharat Cell technology. During its May earnings call, the company said Mahashakti would target commercial, industrial and utility-scale customers.