New Delhi: Ola Electric Mobility Limited said on August 5 that it had signed a memorandum of understanding (MoU) with Axis Energy outlining the potential deployment of up to 20 GWh of battery energy storage systems by 2032. The MoU is non-binding, and the release described the deployment figure as a potential, not committed, volume.
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The agreement is the first large-scale partnership for Ola Mahashakti, the company's forthcoming storage platform for commercial, industrial and utility-scale applications, which the company said is scheduled to launch on August 15. The MoU envisages a ramp-up to 5 GWh annually from 2028.
Ola described its vertically integrated model as India's first cell-to-system platform, designed, it said, to deliver enhanced safety, supply security and lower total cost of ownership. The company said its proposition runs from cell technology through manufacturing to system engineering.
According to the statement, 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 of projects in Andhra Pradesh and Rajasthan and has a pipeline of about 3,500 MW, the release said. These projects span firm and dispatchable renewable energy (FDRE), hybrid and other non-solar configurations, which the statement said would require large-scale battery energy storage systems (BESS) to improve renewable energy integration, enhance grid reliability and deliver round-the-clock clean energy.
Ravi Kumar Reddy Kataru, Chairman and Managing Director (CMD), Axis Energy Ventures, said, "As our renewable energy portfolio continues to expand, battery energy storage is quintessential to enabling reliable, round-the-clock clean power. This MoU marks an important step towards evaluating indigenous battery storage solutions that will support the next phase of our renewable energy growth."
Ola cited Central Electricity Authority (CEA) estimates that India will require more than 400 GWh of storage by 2032. The company said Mahashakti addresses this with an India-designed and India-manufactured BESS platform spanning renewable-energy integration, industrial power, grid infrastructure and data-centre applications.
Bhavish Aggarwal, Chairman and Managing Director, Ola Electric, said, "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, and this MoU further strengthens our momentum in building long-term partnerships."
Axis Energy Ventures India Private Limited, headquartered in Hyderabad, develops utility-scale wind, solar, hybrid and integrated energy solutions, according to the statement. The statement said the company has more than 1.5 GW of commissioned capacity and a development pipeline of over 8.5 GW, and holds a strategic partnership with Brookfield Renewable through Evren, a 51:49 joint venture backed by Brookfield's USD 20 billion Global Transition Fund II.
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Ola Electric Mobility Limited manufactures electric vehicles and their components, including battery cells, at its Future factory in Tamil Nadu, supported by a Bengaluru-based Battery Innovation Centre (BIC). The company said its research and development efforts span India, the UK and the US.