Ola Electric, a leading electric vehicle manufacturer, is poised to enter the energy storage market, which is projected to reach over $30 billion by 2030. The company’s Chairman and Managing Director, Bhavish Aggarwal, has hinted at a major announcement on October 17, suggesting a potential shift beyond its core electric vehicle business. Aggarwal’s tweet indicated that power in India is transitioning “from utility to deep tech – intelligent, portable, and personal”, signaling a possible entry into the energy storage segment.
Industry sources speculate that the announcement could involve Battery Energy Storage Systems (BESS) for homes and businesses, leveraging Ola’s existing 4680 Bharat Cell technology from its Tamil Nadu Gigafactory. The timing of this potential entry aligns with growing demand for distributed energy solutions. If Ola does enter the BESS market, the company would benefit from its existing infrastructure, including its 5 GWh Gigafactory capacity, which could be repurposed for storage applications without significant capital expenditure.
Ola’s nationwide network of electric stores could also serve as distribution points for residential and commercial clients, allowing for a faster market entry. This asset-light expansion model would enable the company to tap into the Indian energy storage sector, which presents significant opportunities for early movers. Ola’s domestic manufacturing capability would also be a distinct advantage, particularly at a time when the government is prioritizing local production.
The Indian energy storage sector is still in its nascent stages, but it is expected to grow rapidly in the coming years. Ola’s potential entry into this market could mark a significant milestone in the company’s expansion beyond electric vehicles. With its existing infrastructure and technology, Ola is well-positioned to capitalize on the growing demand for energy storage solutions. More details about the company’s plans are expected to be unveiled by Aggarwal on October 17, which could formally mark Ola’s entry into India’s energy storage landscape.