Ola Electric likely to foray into India's USD 30 bn BESS mkt

New Delhi, Oct 14 (PTI) Ola Electric is likely to enter the energy storage market, which is expected to reach over USD 30 billion by 2030, sources said.

Ola Electric Chairman and Managing Director Bhavish Aggarwal has hinted at a major announcement on October 17, suggesting the company's entry into the segment.

In a tweet, Aggarwal stated that power in India is transitioning "from utility to deep tech - intelligent, portable, and personal", signalling a potential shift beyond the company's core electric vehicle business.

Industry sources speculate 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 aligns with growing demand for distributed energy solutions.

If Ola is indeed entering the BESS market, the company would benefit from existing infrastructure that reduces traditional entry barriers.

Its 5 GWh Gigafactory capacity could be repurposed for storage applications without significant capital expenditure, while the nationwide network of Ola Electric stores could serve as ready distribution points for residential and commercial clients.

This asset-light expansion model would allow faster market entry compared to building dedicated BESS infrastructure.

The Indian energy storage sector, while nascent, presents significant opportunities for early movers.

Ola's potential entry would come with distinct advantages: domestic manufacturing capability at a time when the government is prioritising local production.

More details are expected when Aggarwal unveils the company's plans on October 17, which could mark Ola's formal entry into India's energy storage landscape. PTI MSS SHW