Ola Electric Unveils “Ola Shakti”: India’s EV Leader Makes Bold Entry into $30 Billion Energy Storage Market

Ola Electric Mobility, India’s largest pure-play electric vehicle manufacturer, is launching its first non-vehicle product today at 10:00 AM IST, marking a strategic expansion into the rapidly growing Battery Energy Storage Systems (BESS) market. Dubbed “Ola Shakti,” the new offering represents a significant diversification for the company, leveraging its proprietary 4680 Bharat Cell technology developed at its Tamil Nadu Gigafactory. Chairman Bhavish Aggarwal has positioned the product as transforming power from a traditional utility into “Deep Tech -intelligent, portable, and personal,” suggesting advanced smart energy storage solutions for homes, businesses, and small enterprises. The announcement triggered a 5% upper circuit limit on Ola’s stock yesterday, reflecting strong investor optimism about the company’s strategic pivot beyond electric scooters into the burgeoning clean energy ecosystem.

The timing of Ola Shakti’s launch couldn’t be more opportune, as India’s BESS market stands on the cusp of explosive growth. Currently valued at approximately $7.8 billion in 2024, the sector is projected to reach $32 billion by 2030, representing a robust 26-27% compound annual growth rate. More dramatically, installed capacity is expected to surge from 442 MW in December 2024 to approximately 74 GW by 2032, driven by India’s ambitious renewable energy targets of 500 GW non-fossil fuel capacity by 2030. The government has backed this transition with substantial policy support, including the National Framework for Energy Storage Systems, Production-Linked Incentive schemes worth ₹18,100 crore, and Viability Gap Funding of ₹5,400 crore for 30 GWh projects. In the first half of 2025 alone, India allocated 7.6 GW of BESS capacity to developers—the highest allocation to date, underscoring the sector’s momentum. This confluence of market opportunity, policy tailwinds, and declining battery costs creates an ideal environment for Ola’s strategic expansion.