Shares of Ola Electric Mobility soared 10% on 5 August after the company signed a Memorandum of Understanding (MoU) with Axis Energy Ventures India Pvt. Ltd. to collaborate on Battery Energy Storage System (BESS) projects across the country.

The partnership marks Ola Electric’s entry into the fast-growing grid-scale energy storage segment, expanding its business beyond electric vehicles.

Under the agreement, Axis Energy will develop, own and operate BESS projects, while Ola Electric Technologies Pvt. Ltd. will supply battery packs, Battery Management Systems (BMS) and advanced energy management software.

The collaboration aims to support renewable energy integration and improve grid reliability by storing excess electricity and supplying it when demand is high.

The partnership comes as India accelerates investments in renewable energy and energy storage infrastructure. Large-scale battery storage systems are expected to play a crucial role in balancing the power grid, especially as the country increases the share of solar and wind energy in its electricity mix.

The government has also introduced several initiatives to encourage battery manufacturing and storage deployment.

For Ola Electric, the agreement represents another step in its strategy to build an integrated clean energy ecosystem. In addition to manufacturing electric two-wheelers, the company has been investing in battery technology, cell manufacturing and energy solutions through its gigafactory initiatives.

As demand for reliable renewable energy infrastructure increases, collaborations such as this could help accelerate the adoption of grid-scale battery storage while supporting India’s transition to cleaner sources of energy.

At 3:30 pm, the shares of Ola Electric closed 7.60% higher at Rs 41.50 on NSE.

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