BENGALURU, Aug 5 ( ESG World News) – Ola Electric Mobility Ltd (OLAELEC.NS) said on Wednesday it had signed a memorandum of understanding with renewable energy developer Axis Energy Ventures for the potential deployment of up to 20 gigawatt-hours (GWh) of battery energy storage systems by 2032, marking the electric-vehicle maker’s first major push into utility-scale storage.
The agreement, disclosed in a filing to the National Stock Exchange and BSE, is the first large-scale partnership for Ola Mahashakti, the company’s upcoming energy storage platform for commercial, industrial and utility-scale customers, which is set to launch on August 15.
Under the non-binding pact, the companies envisage a ramp-up to 5 GWh of annual deployment from 2028, Ola Electric said in a statement.
Hyderabad-based Axis Energy is developing one of India’s largest pipelines of storage-backed renewable energy projects, having secured grid approvals for more than 3,750 megawatts (MW) of capacity in the states of Andhra Pradesh and Rajasthan, with a further pipeline of about 3,500 MW. The projects include firm and dispatchable renewable energy, hybrid and other non-solar configurations that require large-scale battery storage to firm up power supply and improve grid integration, the company said.
Axis Energy has a strategic tie-up with Brookfield Renewable through Evren, a 51:49 joint venture backed by Brookfield’s $20 billion Global Transition Fund II.
India’s Central Electricity Authority estimates the country will need more than 400 GWh of storage capacity by 2032 to support its energy transition. Ola Electric said Mahashakti, which it described as an India-designed and India-manufactured battery energy storage system (BESS) platform, was built on a vertically integrated model spanning cell technology, manufacturing and system engineering, an approach the company said would improve safety, supply-chain security and lower total cost of ownership.
“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,” Bhavish Aggarwal, chairman and managing director of Ola Electric, said in the statement. “Axis Energy is our first large-scale partner and an important early validation of Mahashakti’s potential.”
Ravi Kumar Reddy Kataru, chairman and managing director of Axis Energy Ventures, said battery storage was “quintessential” to enabling round-the-clock clean power as the company’s renewable portfolio expands, calling the MoU “an important step towards evaluating indigenous battery storage solutions.”
Ola Electric, best known as one of India’s largest electric two-wheeler manufacturers, has been expanding beyond vehicles into battery cell manufacturing through its Ola Future factory in Tamil Nadu and its Battery Innovation Centre in Bengaluru. The company said it was in talks with other potential partners as it builds out the Mahashakti business.
The announcement was made in a press release dated August 5, 2026, filed with Indian stock exchanges under Ola Electric’s scrip symbol OLAELEC (NSE) and code 544225 (BSE).
Reporting by ESG World News Bureau; Editing by Entrepreneur News Network Desk
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