Ola Electric Shares Jump 10% After Signing BESS MoU With Axis Energy
Shares of Ola Electric climbed as much as 10.4% to an intraday high of ₹42.55 on the BSE today after…
Ola Electric shares surged by 10.4% on the BSE after the EV company announced a landmark partnership with Hyderabad-based renewable energy firm Axis Energy for large-scale battery energy storage systems (BESS) under its Ola Mahashakti platform. The trading session saw the stock dip to an intraday low of ₹41.49, but it subsequently recovered, ending 7.63% higher at ₹41.49.
This deal could potentially see up to 20 GWh of storage capacity deployed by 2032, with annual deployments starting at 5 GWh from 2028. This marks Ola Electric’s first major partnership for Ola Mahashakti, the commercial, industrial and utility-scale energy storage solution set to launch on August 15. Axis Energy is already developing a pipeline of storage-backed renewable energy projects in Andhra Pradesh and Rajasthan, with approvals for over 3,750 MW and an additional pipeline of 3,500 MW.
This agreement not only validates the potential of Ola Mahashakti but also highlights the growing demand for utility-scale BESS, which is set to play a crucial role in India’s clean energy transition. Ola Electric’s founder and CEO Bhavish Aggarwal emphasized the company’s vertically integrated gigafactory, emphasizing its role in delivering a strong proposition in safety, performance, and total cost of ownership.
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