Ola Electric signs Axis Energy MoU for up to 20 GWh of battery storage by 2032
Ola Electric has signed an MoU with Hyderabad-based Axis Energy to explore deploying up to 20 GWh of utility-scale battery energy storage systems by 2032. The deal positions Ola Mahashakti as the EV maker’s first large-scale storage partner ahead of its planned August 15 launch.
What happened
Ola Electric signed an MoU with Axis Energy for potential deployment of up to 20 GWh of utility-scale battery storage by 2032, marking Mahashakti’s first
Key facts
- Up to 20 GWh BESS deployment by 2032
- Annual deployments to ramp up to 5 GWh from 2028
- 6 GWh gigafactory installation largely complete
- Gigafactory capacity targeted at 20 GWh next year
- ₹780.24 crore raised via June QIP
- Q4 FY26 net loss narrowed 43% YoY to ₹500 crore
- Q4 FY26 operating revenue fell 57% YoY to ₹265 crore
- Shares rose as much as 10.4% to ₹42.55
Why this matters
Axis Energy gives Ola Mahashakti an anchor large-scale storage partner ahead of launch, potentially accelerating market entry through jointly developed BESS deployments rather than building demand channels alone.
What to watch
- A binding supply agreement, minimum offtake commitment or disclosed pricing framework with Axis Energy.
- Announcement of the first BESS pilot's size, location, grid connection and targeted commissioning date.
- Evidence that Ola's cell or pack manufacturing has achieved commercial-scale output and required safety certifications.
- Indian central or state storage tenders, renewable-plus-storage auctions and viability-gap funding awards involving Axis Energy or Ola.
- Ola reporting non-EV battery revenue, BESS order backlog, gross margin impact or factory-utilization improvements.
- Battery-cell pricing trends, import-duty policy and competing domestic BESS suppliers' tender wins.
- Announce technical specifications, warranty terms and commercial structure for Ola Mahashakti BESS products at or around the August 15 launch.
- Convert the MoU into pilot project awards with named project sites, commissioning dates and contracted GWh volumes.
- Build bankability through third-party safety testing, long-duration performance data, insurance coverage and guaranteed availability commitments.
- Secure cell supply, domestic manufacturing capacity and recycling arrangements so BESS commitments do not compete with Ola's EV battery needs.
- Pursue additional developers, renewable generators, distribution utilities and state tenders to avoid dependence on Axis Energy as the sole large-scale storage channel.