Ola Electric Expands Energy Storage; Inks MoU With Axis Energy
Ola Electric Mobility Ltd announced that it has entered into a Memorandum of Understanding (MoU) with Axis Energy regarding the potential implementation of up to 20 GWh of battery energy storage systems by 2032.
The MoU marks the initial major collaboration for Ola Mahashakti, Ola's upcoming energy storage solution for commercial, industrial, and utility-scale uses, set to debut on August 15, the company announced in a statement.
The collaboration showcases an initial example of the extent of demand Mahashakti can meet. It positions utility-scale BESS as a major new growth opportunity for Ola, it notes.
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Axis Energy is constructing one of the biggest renewable projects in India with storage support through pipelines. The firm has obtained grid approvals for more than 3,750 MW projects in Andhra Pradesh and Rajasthan and maintains a robust pipeline of roughly 3,500 MW.
Commenting on the association, Ravi Kumar Reddy Kataru, Chairman and Managing Director, Axis Energy Ventures says, "As our renewable energy portfolio continues to expand, battery energy storage is quintessential to enabling reliable, round-the-clock clean power.”
He further says, "This MoU marks an important step towards evaluating indigenous battery storage solutions that will support the next phase of our renewable energy growth."
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Ola Electric Chairman and Managing DirectorBhavish Aggarwal says, "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.
He further says, "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."
The statement noted that these projects, covering Firm and Dispatchable Renewable Energy (FDRE), hybrid, and various non-solar setups, will demand extensive BESS to boost renewable energy integration, increase grid reliability, and provide consistent, 24/7 clean energy.
India's shift to renewable energy will necessitate the installation of storage systems on an unmatched scale.
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The Central Electricity Authority (CEA) projects that India will need over 400 GWh by 2032.
Mahashakti seizes this opportunity with a pioneering BESS platform that is designed and manufactured in India, covering renewable-energy integration, industrial power, grid infrastructure, and data-centre applications, it states.
Ola's proposal is based on vertical integration, encompassing cell technology, manufacturing, and system engineering.
According to the company, this is intended to provide customers with enhanced control over safety and performance, improved supply-chain security, and a reduced total cost of ownership throughout the system's lifespan.