Shares of Ola Electric Mobility Ltd. climbed as much as 10.4% intraday on Tuesday after the company announced its first partnership under the Ola Mahashakti platform.
The stock rose to an intraday high of Rs 42.55 before trading around Rs 41.80, up more than 8% by late morning.
The company informed exchanges that it has signed a memorandum of understanding with Axis Energy Ventures India Pvt. Ltd. to deploy 20 GWh of Battery Energy Storage Systems (BESS) by 2032. BESS refers to large-scale battery systems that store electricity and release it when required, helping improve grid stability and support renewable energy integration.
The agreement marks the first partnership under Ola Mahashakti, the company's initiative to build battery storage infrastructure in India. Under the collaboration, the two companies will work towards deploying utility-scale energy storage projects over the coming years.
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