Ola Electric is reportedly preparing to make a major move into India’s rapidly growing energy storage market, which is projected to surpass USD 30 billion by 2030, according to industry sources.
Company Chairman and Managing Director Bhavish Aggarwal has hinted at a significant announcement on October 17, suggesting that Ola may expand beyond its electric vehicle (EV) business into energy storage solutions.
In a recent post on X (formerly Twitter), Aggarwal noted that India’s power sector is evolving “from utility to deep tech — intelligent, portable, and personal,” sparking speculation about Ola’s possible plans to enter the Battery Energy Storage System (BESS) segment.
Sources indicate that Ola could leverage its advanced 4680 Bharat Cell technology, developed at its Gigafactory in Tamil Nadu, to produce energy storage systems for homes and businesses. Such a move would align with the nation’s rising demand for distributed and renewable energy solutions.
Ola’s existing infrastructure could give it a competitive edge. The company’s 5 GWh Gigafactory capacity could be utilized for energy storage applications with minimal additional investment, while its widespread network of Ola Electric stores could serve as distribution points for residential and commercial customers. This asset-light approach would enable Ola to enter the market swiftly and efficiently.
The Indian energy storage sector remains in its early stages but holds immense potential for early entrants, especially as the government pushes for domestic manufacturing under its “Make in India” initiative.
If confirmed, Ola’s foray into the BESS market would represent a major diversification from its core EV business, positioning the company at the forefront of India’s clean energy transformation.
Further details are expected to be revealed when Bhavish Aggarwal makes the official announcement on October 17.