Shares of Ola Electric Mobility jumped over 10% to Rs 42.6 apiece, their highest level in nearly a month, on August 5 after the company had announced its partnership with Axis Energy to deploy up to 20 gigawatt-hour battery energy storage systems by 2032, including a ramp-up to 5 GWh annually from 2028.

This marks the first large-scale partnership for Ola's upcoming energy storage platform, Ola Mahashakti, it said in an exchange filing. The utility-scale, commercial and industrial energy storage platform is scheduled for launch on Aug. 15. "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," Bhavish Aggarwal, chairman and managing director of Ola Electric.

Axis Energy is building one of India's largest pipelines of storage-backed renewable projects. The company has secured grid approvals for over 3,750 MW Projects in Andhra Pradesh and Rajasthan and has a strong pipeline of 3500 MW. 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, said Ola.

"The Central Electricity Authority (CEA) estimates that India will require 400+ GWh by 2032. Mahashakti addresses this opportunity with a first-of-its-kind India-designed and India-manufactured BESS platform spanning renewable-energy integration, industrial power, grid infrastructure and data-centre applications. Ola’s proposition is built on vertical integration, from cell technology to manufacturing and system engineering. This is designed to give customers greater control over safety and performance, stronger supply-chain security and a lower total cost of ownership over the system’s operating life," added Ola.