Ola Electric Signs MoU with Axis Energy to Explore Deployment of Up to 20 GWh Battery Storage by 2032

Ola Electric Mobility Limited has signed a Memorandum of Understanding (MoU) with renewable energy developer Axis Energy to explore the deployment of up to 20 GWh of battery energy storage systems (BESS) by 2032, marking the first large-scale partnership for its upcoming Ola Mahashakti energy storage platform.

The agreement represents the inaugural commercial collaboration for Mahashakti, Ola Electric’s battery energy storage platform for commercial, industrial, and utility-scale applications, which is scheduled to be launched on 15 August. The company said the partnership demonstrates the scale of market demand for the platform while establishing utility-scale energy storage as a key growth area for its business.

Axis Energy is developing one of India’s largest pipelines of storage-backed renewable energy projects. The company has secured grid approvals for more than 3,750 MW of projects across Andhra Pradesh and Rajasthan and has an additional project pipeline of around 3,500 MW. These projects, including Firm and Dispatchable Renewable Energy (FDRE), hybrid, and other renewable energy configurations, are expected to require large-scale battery storage to improve renewable energy integration, enhance grid reliability, and enable round-the-clock clean power.

Ola Electric said India’s energy transition will require significant battery storage capacity, citing estimates by the Central Electricity Authority (CEA) that the country will need more than 400 GWh of energy storage by 2032. The company said Mahashakti has been designed and manufactured in India to address this growing demand across renewable energy integration, industrial power, grid infrastructure, and data centre applications.

According to Ola Electric, the Mahashakti platform is built on a vertically integrated approach spanning battery cell technology, manufacturing, and system engineering. The company said this model is intended to improve system safety and performance, strengthen supply chain resilience, and reduce the total cost of ownership for customers.

Ravi Kumar Reddy Kataru, Chairman and Managing Director of Axis Energy Ventures, said battery energy storage will be essential to supporting the company’s expanding renewable energy portfolio by enabling reliable, round-the-clock clean power. He added that the MoU marks an important step in evaluating indigenous battery storage solutions for future projects.

Bhavish Aggarwal, Chairman and Managing Director of Ola Electric, said the partnership validates the commercial potential of the Mahashakti platform and reflects growing industry interest in domestically developed battery energy storage solutions. He added that the agreement strengthens the company’s strategy of building long-term partnerships as India scales up energy storage deployment.