Ola Electric is expanding beyond electric mobility and entering India’s utility-scale battery energy storage market through a strategic partnership with renewable energy developer Axis Energy Ventures. The two companies have signed a Memorandum of Understanding (MoU) to explore the potential deployment of up to 20 GWh of Battery Energy Storage Systems (BESS) by 2032, marking Ola Electric’s first large-scale partnership in the energy storage segment.
The agreement comes ahead of the launch of Ola Mahashakti, Ola Electric’s new energy storage platform for utility-scale and commercial and industrial (C&I) applications, scheduled to launch on 15 August. The platform represents a significant new growth opportunity for Ola Electric as it extends its battery technology and manufacturing capabilities beyond electric vehicles.
Scaling Up Utility-Scale Energy Storage
Under the MoU, Ola Electric and Axis Energy aim to gradually increase BESS deployments, with annual deployments targeted to reach up to 5 GWh from 2028. This would contribute to the companies’ cumulative target of 20 GWh by 2032.
The partnership is closely linked to Axis Energy’s growing portfolio of renewable energy projects. The company has secured grid approvals for more than 3.75 GW of projects in Andhra Pradesh and Rajasthan and has an additional 3.5 GW capacity in its pipeline, according to Ola Electric.
Axis Energy’s projects include Firm and Dispatchable Renewable Energy (FDRE), hybrid renewable energy and other non-solar configurations. These projects are expected to require large-scale energy storage to improve renewable energy integration, enhance grid reliability and support the delivery of firm and round-the-clock clean power.
Battery storage can play an important role in such projects by enabling renewable electricity to be stored and dispatched when required. This is particularly important as renewable generation from sources such as solar and wind varies with weather and time of day.
Axis Energy Ventures Chairman and Managing Director Ravi Kumar Reddy Kataru said that battery energy storage is essential for enabling reliable, round-the-clock clean power as the company’s renewable energy portfolio expands. He described the MoU as an important step toward evaluating indigenous battery storage solutions to support the next phase of Axis Energy’s renewable energy growth.
Ola’s Vertically Integrated Battery Platform
Ola Electric is positioning its Mahashakti platform around a vertically integrated manufacturing model covering cell technology, battery manufacturing and system engineering.
The company says this cell-to-system approach is intended to provide stronger control over safety and performance, improve supply-chain security and reduce the total cost of ownership over the operating life of BESS systems.
Ola Electric Chairman and Managing Director Bhavish Aggarwal said India will need energy storage at a massive scale and highlighted the company’s vertically integrated cell-to-system platform as a proposition focused on safety, performance and total cost of ownership. He also described Axis Energy as Ola Electric’s first large-scale partner and an important early validation of Mahashakti’s potential.
Mahashakti is being developed for several applications, including renewable energy integration, industrial power, grid infrastructure and data centres. The platform will therefore extend Ola Electric’s battery capabilities into applications beyond its existing electric mobility business. Ola Electric already offers two BESS products for residential and small-scale commercial and industrial customers, while Mahashakti is being positioned for larger utility-scale and C&I applications.
Ola Electric’s battery strategy is supported by its domestic cell and battery technology development activities. The company was among the recipients of government support under the Production Linked Incentive (PLI) scheme for Advanced Chemistry Cell (ACC) battery manufacturing. The scheme, launched in 2021, targeted the establishment of 50 GWh of annual domestic advanced battery-cell manufacturing capacity by 2025.
By May 2026, Ola Electric had brought 1.4 GWh of cell production capacity online, making it the only PLI scheme winner at that time to have commissioned production capacity.
The company’s battery ecosystem also includes its Battery Innovation Centre (BIC) in Bengaluru, which focuses on advancing cell and battery technology, while its Futurefactory in Tamil Nadu manufactures electric vehicles and critical components.
Meeting India’s Growing Storage Requirement
The partnership comes as India’s energy transition increases the requirement for energy storage. According to the Central Electricity Authority (CEA), India’s energy transition will require more than 400 GWh of storage deployment by 2032.
Large-scale BESS can support renewable projects by improving their ability to provide reliable and dispatchable electricity.
For Axis Energy, the partnership with Ola Electric could support the integration of storage into its expanding renewable energy portfolio. For Ola Electric, it provides an opportunity to establish Mahashakti in the utility-scale BESS market and demonstrate its vertically integrated battery technology at a larger scale.
A New Growth Avenue for Ola Electric
Axis Energy Ventures, headquartered in Hyderabad, has more than 15 years of experience in developing and delivering renewable energy projects across India. The company has commissioned more than 1.5 GW of capacity and has a development pipeline of more than 8.5 GW.
Axis Energy also formed a joint development partnership with global asset manager Brookfield through Evren in 2023. The partnership was established with an initial investment of US$845 million, while Evren later raised US$600 million for a firm and dispatchable renewable energy hybrid wind-solar-BESS project in Andhra Pradesh and Rajasthan.
As Ola Mahashakti prepares for its launch, the 20 GWh MoU with Axis Energy provides an early large-scale opportunity for Ola Electric to establish itself in India’s utility-scale energy storage market. The partnership also highlights the growing connection between domestic battery manufacturing and the country’s expanding requirement for storage-backed renewable energy.
References
- PV Magazine India — “Ola Electric, Axis Energy sign MoU for up to 20 GWh of battery storage deployment by 2032,” 5 August 2026 : Ola Electric Signs MoU with Axis Energy to Explore Deployment of Up to 20 GWh Battery Storage by 2032
- Energy-Storage.News — “Ola Electric, Axis Energy plan to deploy up to 20 GWh of battery storage by 2032,” 6 August 2026 : EV manufacturer Ola Electric brings cell-to-pack vertical integration into India’s utility-scale BESS market with 20GWh MoU
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