0 months ago
Ola Electric, Axis Energy sign 20 GWh battery storage MoU
Two big companies in India, Ola Electric and Axis Energy, have agreed to work together on a big project.
They want to build giant batteries that can store electricity.
Sometimes the sun doesn't shine and the wind doesn't blow, so batteries are needed to save clean power for later.
Axis Energy is building many solar and wind power projects that will need lots of battery storage.
Ola Electric is launching a new battery platform called Mahashakti.
Together, they plan to build up to 20 gigawatt-hours of battery storage by 2032.
India will need a huge amount of energy storage over the next few years to power homes, factories, and data centres around the clock.
The news made people excited about Ola Electric, and its shares went up in value.
Ola Electric Mobility signed a memorandum of understanding with Axis Energy for up to 20 GWh of battery energy storage deployment by 2032.
The agreement is the first large-scale partnership for Ola's upcoming Mahashakti energy-storage platform, scheduled for launch on August 15.
The Central Electricity Authority estimates India will require more than 400 GWh of energy storage by 2032.
Axis Energy has secured grid approvals for more than 3,750 MW of projects in Andhra Pradesh and Rajasthan, with a further pipeline of about 3,500 MW.
Ola Electric shares rose 7.44% to close at ₹41.42 on the BSE following the announcement.
- Who
- Ola Electric Mobility and Axis Energy, whose chairmen Bhavish Aggarwal and Ravi Kumar Reddy Kataru commented on the deal.
- What
- Signed a memorandum of understanding for potential deployment of up to 20 GWh of battery energy storage systems by 2032, the first large-scale partnership for Ola's Mahashakti platform.
- Where
- India.
- When
- Wednesday, with Mahashakti scheduled to launch on August 15 and deployment targeted by 2032.
- Why
- To support India's anticipated sharp rise in renewable capacity and demand for round-the-clock clean power.
Key facts
- Parties
- Ola Electric Mobility and Axis Energy
- Agreement
- Memorandum of understanding (MoU)
- Target Capacity
- Up to 20 GWh of battery energy storage by 2032
- Platform
- Mahashakti, launching August 15
- India Storage Need (2032)
- More than 400 GWh per Central Electricity Authority estimate
- Axis Energy Approvals
- 3,750+ MW in Andhra Pradesh and Rajasthan; ~3,500 MW additional pipeline
- Applications
- Commercial, industrial and utility-scale; renewable integration, grid infrastructure and data centres
- Stock Reaction
- Ola Electric shares up 7.44% to ₹41.42 on the BSE
Quotes
Ravi Kumar Reddy Kataru
Axis Energy Ventures chairman and managing director
“"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,"”
financialexpress.com
“"This MoU marks an important step towards evaluating indigenous battery storage solutions that will support the next phase of our renewable energy growth,"”
financialexpress.com
Sources
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