Bhavish Aggarwal-Backed EV Stock Signs MoU for Upto 20 GWh Battery Energy Storage Deployment by 2032; Share Price Jumps 8%

On Wednesday, Indian equity benchmark indices traded marginally lower, with the benchmark Nifty 50 index declining 16.00 points, or 0.07 per cent, to 24,598.90. Amid the muted market sentiment, Ola Electric Mobility share price rose 7.73 per cent to Rs 41.55 after the company announced its entry into the utility-scale energy storage segment by signing its first Memorandum of Understanding (MoU) with Axis Energy.

Signs First MoU for Utility-Scale Energy Storage

Ola Electric announced that it has signed an MoU with Axis Energy outlining the potential deployment of up to 20 GWh of Battery Energy Storage Systems (BESS) by 2032. The agreement includes a planned ramp-up to 5 GWh annually from 2028.

The partnership marks the first large-scale agreement for Mahashakti, Ola Electric's upcoming energy storage platform for commercial, industrial and utility-scale applications, which is scheduled to be launched on August 15, 2026. According to the company, the MoU demonstrates the scale of demand that Mahashakti can address and establishes utility-scale battery energy storage as a significant new growth opportunity.

Expansion into Energy Storage Business

Axis Energy is developing one of India's largest pipelines of storage-backed renewable energy projects, with more than 3,750 MW of projects having secured grid approvals across Andhra Pradesh and Rajasthan, along with an additional pipeline of around 3,500 MW.

Ola Electric stated that India's energy transition is expected to require more than 400 GWh of battery energy storage capacity by 2032, as estimated by the Central Electricity Authority (CEA). The company's Mahashakti platform is designed to serve renewable energy integration, industrial power, grid infrastructure and data centre applications through a vertically integrated cell-to-system manufacturing model.
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Management Commentary

Commenting on the partnership, Bhavish Aggarwal, Chairman and Managing Director of Ola Electric, said, "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 strong interest from potential partners in the industry, and this MoU further strengthens our momentum in building long-term partnerships."

Separately, the company informed the exchanges that its Board of Directors will meet on August 7, 2026, to consider and approve the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.

About Ola Electric Mobility

Ola Electric Mobility Ltd is one of India's leading electric vehicle manufacturers, specialising in vertically integrated EV and battery cell manufacturing. The company operates the Ola Futurefactory in Tamil Nadu and a Battery Innovation Centre in Bengaluru, while also expanding into battery energy storage solutions for utility-scale and commercial applications. The stock is currently trading below its 52-week high of Rs 71.24 and above its 52-week low of Rs 21.21.

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Disclaimer: The article is for informational purposes only and not investment advice.