Ola Electric shares jump over 10% as firm focuses on battery energy storage expansion; signs MoU with Axis Energy

Ola Electric Mobility share price surged more than 10% during the morning trading session on Wednesday, August 5, as investors focused on the company’s battery energy storage system (BESS) expansion plans and its latest partnership deal with Axis Energy.

NSE filing showed that Ola Electric signed a memorandum of understanding (MoU) with Axis Energy to potentially deploy up to 20 gigawatt-hours (GWh) of battery energy storage systems by the year 2032.

Shares of Ola Electric surged 10.44% to their intraday high of ₹42.60 apiece on Wednesday’s market, compared to ₹38.57 apiece at the previous stock market close, according to NSE data.

The firm announced its MoU deal update during the early trading hours on the NSE.

Battery Energy Storage Systems (BESS) are a key energy infrastructure that is needed to store excess electricity and eventually use it whenever needed by the people over time in a particular region, much like an inverter system.

BESS systems are like power banks made up of multiple electrochemical battery packs to access energy on-demand.

Ola Electric-Axis Energy deal

As per the deal, Axis Energy is building grids for over 3,750 megawatt (MW) projects in Andhra Pradesh and Rajasthan and has a strong pipeline of 3500 MW; these projects will require large-scale BESS to improve renewable energy integration, enhance grid reliability, and deliver firm, round-the-clock clean energy.

Hence, the company has signed an MoU with Ola Electric to leverage the company’s ‘Ola Mahashakti’, a forthcoming battery energy storage platform for commercial, industrial and utility-scale applications.

Ola Electric is set to launch the new BESS platform on August 15, 2026.

“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,” said Bhavish Aggarwal, Chairman and Managing Director of Ola Electric.

With the new venture, the company aims to capitalise on the BESS industry as the Central Electricity Authority (CEA) predicts that India is estimated require 400+ GWh by the year 2032.

Along with the BESS expansion plans, the company has earlier launched its in-house built ‘4,680 Bharat Cells’, which are now powering the company’s electric scooters as the firm plans to further expand into the electric motorcycle segment.

How have Ola shares performed?

Ola Electric shares have delivered 3.4% returns to investors in the last one-year period, and over 12% gains on their investment on a year-to-date (YTD) basis in the current calendar year, according to NSE data.

However, the company’s stock has lost 5% of its value in the past one-month, and was trading over 10% higher in the last five market sessions, according to the exchange data.

Shares of Ola Electric surged to their 52-week high of ₹71.25 on September 4, 2026, while the 52-week low was at ₹22.25 on March 16, 2026. The EV maker’s market capitalisation (m-cap) was at ₹19,351 crore as of the trading session on Wednesday, August 5, 2026.