Ola Electric has signed a memorandum of understanding (MoU) with renewable energy developer Axis Energy to deploy as much as 5 GWh of BESS per year from 2028.
The MoU runs until 2032 with a cumulative target of 20 GWh over the five-year period, providing Indian EV manufacturer Ola Electric with a significant pipeline for its new manufacturing platform – Ola Mahashakti .
Scheduled to launch on August 15, Ola Mahashakti is being billed as an energy storage platform for commercial, industrial and utility-scale applications.
Ola said its Mahashakti battery energy storage systems (BESS) are being developed in India on a vertically integrated manufacturing platform spanning cell technology, manufacturing, and system engineering.
The deal with Axis Energy sees Ola partner with a developer building one of India’s largest pipelines of storage-backed renewable projects. Axis Energy has secured grid approvals for over 3.75 GW projects in Andhra Pradesh and Rajasthan and has another 3.5 GW capacity in pipeline. These projects, spanning firm and dispatchable renewable energy (FDRE), hybrid, and other non-solar configurations, will require large-scale BESS to improve renewable energy integration, enhance grid reliability, and deliver firm, round-the-clock clean energy.
The national opportunity for BESS is even greater. The Central Electricity Authority has said India’s energy transition will require 400+ GWh storage deployment by 2032.
Reddy Kataru, chairman and managing director of Axis Energy Ventures, described the MoU with Ola as an “important step” toward evaluating domestic BESS solutions.
Bhavish Aggarwal, chairman and managing director of Ola Electric, said that the company’s vertically integrated cell-to-system platform will enable it to deliver a strong 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, and this MoU further strengthens our momentum in building long-term partnerships,” Aggarwal said.
Headquartered in Hyderabad, Axis Energy Ventures has more than 15 years of experience in developing and delivering renewable energy projects across India. The company has more than 1.5 GW of commissioned capacity and a development pipeline of over 8.5 GW. Axis Energy Ventures has a strategic partnership with Brookfield Renewable through Evren, a 51:49 joint venture backed by Brookfield’s $20 billion Global Transition Fund II.
Ola Electric Mobility’s Ola Future factory in Tamil Nadu produces electric vehicles and components. It is supported by Ola’s Bengaluru-based Battery Innovation Centre (BIC), dedicated to advancing cell and battery technology.
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