Why Ola Electric Share Price Jumped Over 10% Today?

# Expansion into Utility-Scale Energy Storage

One of the key reasons behind the rally in Ola Electric shares is the company's latest move into the utility-scale battery energy storage market.

On 5 August, Ola Electric announced that it has signed a Memorandum of Understanding (MoU) with Axis Energy to explore the deployment of up to 20 GWha of battery energy storage systems (BESS) by 2032.

The partnership marks the first large-scale commercial agreement for Ola Mahashakti, the company's upcoming energy storage platform for commercial, industrial, and utility-scale applications, which is scheduled to be launched on 15 August.

The agreement also signals a new growth opportunity for Ola Electric beyond electric vehicles, with utility-scale battery storage expected to become a key business segment for the company.

Axis Energy is currently developing one of India's largest pipelines of storage-backed renewable energy projects. It has already secured grid approvals for more than 3,750 MW of projects across Andhra Pradesh and Rajasthan and has an additional pipeline of around 3,500 MW.

These projects, including firm and dispatchable renewable energy (FDRE), hybrid, and other renewable configurations, are expected to require large-scale battery storage to improve grid reliability and enable round-the-clock clean power.

Ola Electric said its battery storage offering will leverage its vertically integrated ecosystem, covering cell technology, manufacturing, and system engineering.

According to the company, this approach is expected to enhance safety and performance, strengthen supply-chain resilience, and lower the total cost of ownership for customers over the life of the system.

What Next?

Going forward, Ola Electric is betting big on its battery manufacturing business as it looks to reduce costs and create new revenue streams beyond electric vehicles.

The company said its Gigafactory has now moved from the validation stage to commercial production. It currently operates 2.5 GWh of battery cell capacity, while the installation of its 6 GWh facility is almost complete. The company expects the expanded capacity to be fully commercialised by the end of the current quarter.

Ola Electric added that it is already producing battery cells at commercially viable yields and expects efficiency to improve further over the course of FY27 as production ramps up and manufacturing processes become more stable.

The company is also laying the groundwork for its next phase of expansion. After fully utilising the 6 GWh capacity, it plans to scale the Gigafactory to 20 GWh through a brownfield expansion, supported by a capital raise at the cell manufacturing entity level.

Management said FY27 will be a crucial year as it focuses on ramping up battery cell production, increasing the use of in-house cells in its electric vehicles, and building its Shakti and Mahashakti platforms into meaningful growth businesses.

Alongside this, the company aims to improve cash generation from its EV business while expanding its presence in the fast-growing battery energy storage market.

How shares of Ola Electric Mobility have performed recently

In 2026, so far, shares of Ola Electric have gained over 11%. In the past month, the stock has been up marginally.

The stock touched its 52-week high of Rs 71.24 on 4 September 2025 and its 52-week low of Rs 21.21 on 2 March 2026.

About Ola Electric Mobility

Ola Electric Mobility India's leading electric vehicle (EV) manufacturer. It specialises in the vertical integration of technology and manufacturing for EVs and their components, including battery cells. The Ola Future Factory in Tamil Nadu, where EVs and critical components are produced, is developing India's most significant EV hub.

It is supported by Ola's Bengaluru-based Battery Innovation Centre (BIC), dedicated to advancing cell and battery technology. Ola's R&D efforts span India, the UK, and the US, focusing on innovative EV products and core components.

Ola maintains a direct-to customer distribution network of thousands of stores across India and a robust online presence, making Ola Electric the largest company-owned network of automotive experience centres in the country.

For more details about the company, you can have a look at the Ola Electric factsheet and quarterly results on our website.

You can also compare with its peers:

Ola Electric Mobility vs Bajaj Auto

Ola Electric Mobility vs Hero MotoCorp

Investors should evaluate the company's fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.

Happy Investing.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...