Ola Electric introduces cell-to-pack vertical integration to India's utility-scale BESS market with a 20GWh MoU.

EV manufacturer Ola Electric has finally entered into India’s utility-scale battery storage market and will be implementing a vertically integrated business model. A Memorandum of Understanding (MoU) was signed by Ola Electric with renewable energy developer Axis Energy on August 5, pertaining to the National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE).

Ola Electric MoU Details

The MoU also includes the development of up to 20 GWh of battery energy storage system (BESS) by 2032, which will eventually ramp up the annual deployments to 5 GWh from 2028. 

This announcement has come at the same time when Ola Electric is set to launch Ola Mahashakti, a new platform for utility-scale and commercial and industrial applications (C&I) and battery energy storage systems (BESS) projects. 

One of the major advantages of Ola Electric’s business model is the first-mover implementation of battery cell production within India. Ola Electric was also included in one of the recipients of the Union Government funding to start large-scale manufacturing of advanced chemistry cell (ACC) batteries under the Production Linked Incentive (PLI) scheme. 

Currently in May this year, Ola Electric remains the sole PLI scheme winner to feature commissioned production capacity, bringing a total of 1.4 GWh online.