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Ola Electric surges after MoU with Axis Energy on 20 GWh storage
The memorandum covers battery energy storage systems up to 20 GWh by 2032, ahead of Ola Mahashakti’s scheduled Aug. 15 launch.
Ola Electric Mobility’s shares rose more than 10% as the company signed a memorandum of understanding with Axis Energy to deploy up to 20 GWh of battery energy storage systems by 2032, according to LiveMint Markets.
Ola said the MoU is its first large-scale partnership for Ola Mahashakti, an energy storage platform for commercial, industrial, and utility scale applications planned to launch on Aug. 15. In an exchange filing, Ola described the deal as an early demonstration of demand for Mahashakti and said utility scale BESS would become a new growth avenue.
LiveMint Markets reported that Axis Energy is developing storage backed renewable energy projects with grid approvals for more than 3,750 MW across Andhra Pradesh and Rajasthan, plus an additional pipeline of about 3,500 MW. The company said those projects are expected to require large scale battery storage to improve renewable energy integration, strengthen grid reliability, and deliver round-the-clock clean power.
Ola also cited a Central Electricity Authority estimate that India will need more than 400 GWh of energy storage capacity by 2032. The company said Mahashakti is intended to be India developed and India manufactured, built around vertical integration from cell technology through manufacturing and system engineering.