Ola Electric jumps after entering utility-scale battery energy storage business

Ola Electric Mobility rose 6.77% to Rs 41.18 after the company announced its entry into the utility-scale battery energy storage segment by signing its first memorandum of understanding (MoU) for its upcoming Mahashakti platform.

The company signed the MoU with Axis Energy, outlining the potential deployment of up to 20 GWh of battery energy storage systems (BESS) by 2032. The agreement also envisages scaling deployments to 5 GWh annually from 2028.

Mahashakti, Ola Electric's utility-scale and commercial & industrial (C&I) energy storage platform, is scheduled to be launched on 15 August 2026. The company said the partnership marks the first large-scale commercial engagement for the platform and establishes utility-scale battery storage as a new growth avenue.

Axis Energy is developing a large pipeline of storage-backed renewable energy projects, with grid approvals for more than 3,750 MW across Andhra Pradesh and Rajasthan and an additional pipeline of around 3,500 MW. These projects are expected to require large-scale battery storage systems to support renewable energy integration and grid reliability.

Ola Electric said its vertically integrated cell-to-system platform is designed to enhance safety, improve supply-chain security and lower the total cost of ownership. The company added that India is expected to require more than 400 GWh of energy storage capacity by 2032, citing estimates by the Central Electricity Authority.

Bhavish Aggarwal, chairman and managing director of Ola Electric, said the partnership with Axis Energy validates the potential of the Mahashakti platform and reflects growing industry interest in indigenous battery energy storage solutions.

Ola Electric Mobility is an electric vehicle manufacturer with vertically integrated capabilities across EVs, battery cells and related technologies. The company operates its manufacturing facility in Tamil Nadu and a battery innovation centre in Bengaluru focused on cell and battery technology.

The company posted a consolidated net loss of Rs 500 crore in Q4 FY26 compared with a net loss of Rs 870 crore in Q4 FY25 and Rs 487 crore in Q3 FY26. Revenue from operations declined 56.6% YoY and 43.6% QoQ to Rs 265 crore in the March 2026 quarter.

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