Ola Electric shares jump 7.5% after Axis Energy 20GWh pact
Ola Electric's shares jumped 7.5% to ₹41.41 on Wednesday after teaming up with Axis Energy.
The new partnership aims to roll out up to 20 GWh of battery energy storage systems (BESS) by 2032, a big move for Ola Mahashakti, its energy platform scheduled to launch on August 15.
Axis Energy to use Ola batteries
Axis Energy will use Ola's battery systems for its renewable projects in Andhra Pradesh and Rajasthan, helping boost clean energy efforts.
Ola's Chairman and Managing Director Bhavish Aggarwal said the deal was an early validation of Mahashakti's potential and called Axis Energy the company's first large scale partner, with more partners showing interest as India's need for battery storage is set to explode past 400 GWh by 2032.
Even with today's jump, though, Ola shares are still way below their ₹157 peak from 2024.