Ola Electric Mobility share price ascends 10% after this update. Details here

Ola Electric share price: Shares of two-wheeler maker Ola Electric Mobility rallied over 10% on Wednesday after the company signed a memorandum of understanding (MoU) with Axis Energy to deploy up to 20 GWh of battery energy storage systems (BESS) by 2032.

"The MoU is the first large-scale partnership for Ola Mahashakti, Ola’s forthcoming energy storage platform for commercial, industrial and utility-scale applications, scheduled to launch on 15 August. The partnership is an early demonstration of the scale of demand Mahashakti can address. It establishes utility-scale BESS as a significant new growth avenue for Ola," the company said in an exchange filing.

Deal Highlights

Axis Energy is developing one of India's largest pipelines of storage-backed renewable energy projects, with grid approvals for more than 3,750 MW across Andhra Pradesh and Rajasthan and an additional pipeline of around 3,500 MW. These projects are expected to require large-scale battery storage to improve renewable energy integration, strengthen grid reliability and deliver round-the-clock clean power.

Highlighting the market opportunity, Ola Electric said the Central Electricity Authority (CEA) estimates India will require more than 400 GWh of energy storage capacity by 2032. Mahashakti has been designed as an India-developed and India-manufactured battery energy storage platform catering to 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.

Axis Energy Chairman and Managing Director Ravi Kumar Reddy Kataru said battery energy storage will be critical to supporting reliable, round-the-clock clean energy as the company's renewable energy portfolio expands.

Ola Electric Chairman and Managing Director Bhavish Aggarwal said India's energy transition will require storage at a massive scale and described the agreement with Axis Energy as an early validation of Mahashakti's potential.

"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 longterm partnerships,” he added.

Stock performance

The stock jumped as much as 10.4% to its intraday high of ₹42.55 per share on the BSE. It lost 7% in 1 month; however, it rose 20% in 3 months, 32% in 6 months, but added just 1% in the last 1 year.

The scrip had hit its 52-week high of ₹71.24 in September 2025 and its 52-week low of ₹21.21 in March 2026.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.