Ola Electric Shares Jump 10% After Signing BESS MoU With Axis Energy
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Shares of Ola Electric climbed as much as 10.4% to an intraday high of ₹42.55 on the BSE today after the EV maker announced its first large-scale partnership for its upcoming commercial-scale battery energy storage system (BESS) platform, Ola Mahashakti.
The stock later gave up some of the gains and was trading 7.63% higher at ₹41.49 on the BSE at 15:10 IST, taking the company’s market capitalisation to ₹19,110 Cr (about $2 Bn).
Ola Electric said it has signed a memorandum of understanding (MoU) with Hyderabad-based renewable energy company Axis Energy for the potential deployment of up to 20 GWh of battery energy storage systems by 2032. The agreement envisages annual deployments ramping up to 5 GWh from 2028.
The MoU marks the first large-scale partnership for Ola Mahashakti, the company’s upcoming energy storage platform for commercial, industrial and utility-scale applications, which is scheduled to launch on August 15.
According to Ola Electric, the partnership demonstrates the scale of demand Mahashakti can address and positions utility-scale BESS as a new growth avenue for the company.
Axis Energy is developing a pipeline of storage-backed renewable energy projects and has secured grid approvals for more than 3,750 MW of projects in Andhra Pradesh and Rajasthan, along with an additional pipeline of about 3,500 MW. These projects are expected to require large-scale battery storage to support renewable energy integration and grid reliability.
Notably, Ola Electric unveiled its residential BESS offering, Ola Shakti, in October last year. Later, the company outlined plans to provide BESS solutions for commercial, industrial, and utility-scale use, ranging from 100 kWh to 5 MWh systems.
In its shareholders’ letter for Q4 FY26, Ola Electric said its 6 GWh gigafactory installation was “largely complete”, with commercialisation expected by the end of the current quarter (Q1 FY27). It plans to raise this capacity to 20 GWh by next year. For this, it raised ₹780.24 Cr via a QIP in June.
The EV maker is positioning Ola Shakti and Mahashakti, along with its vertically integrated gigafactory, as the next growth engine.
“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. Axis Energy is our first large-scale partner and an important early validation of Mahashakti’s potential. We are witnessing a strong interest from potential partners in the industry…” Ola Electric founder and CMD Bhavish Aggarwal said.
Utility-scale BESS is emerging as a critical enabler of India’s clean energy transition by storing excess renewable power and supplying it when demand peaks. Beyond renewable energy projects, such systems are also expected to find applications across commercial and industrial facilities, utilities and data centres, making battery storage one of the fastest-growing segments within the energy ecosystem.
The development comes at a time when Ola Electric is looking to revive growth after a turbulent year. The company has been grappling with slowing electric two-wheeler sales, mounting losses and increasing competitive pressure, while also facing regulatory and legal scrutiny.
In June, it sought to settle a SEBI probe over alleged misleading disclosures related to its sales, deliveries and service network expansion. Separately, the company has also received multiple insolvency petitions from suppliers over alleged unpaid dues, although Ola Electric has maintained that these disputes are contractual in nature and are being addressed through legal channels.
On the financial front, Ola Electric narrowed its consolidated net loss by 43% YoY to ₹500 Cr in the fourth quarter of FY26 from ₹870 Cr a year earlier. However, its operating revenue declined 57% YoY to ₹265 Cr amid lower vehicle deliveries.
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