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Electric vehicle manufacturing company Ola Electric is now planning to enter the energy storage market. Ola Chairman and Managing Director Bhavish Aggarwal indicated this by sharing a post on social media platform X.
Bhavish Aggarwal wrote in the post, ‘I am very excited about Shakti. The launch date has been revised. Now this launch will happen at 10 am. In this post he has also shared some photos and a video of his product. Shakti is written on the product in the photo. From this it can be guessed that the name of their new product is Shakti.
Earlier, Bhavish Aggarwal had made a post, in which he had given the launch date as 17th October. In this post he wrote, ‘This Diwali we are launching our first non-vehicle product. Power has always been a utility, but now it has become deep tech – intelligent, portable and personal. Stay with us on 17th October.
Energy storage market by 2030 ₹Will increase to Rs 2.64 lakh crore
These two posts of Bhavish show that Ola is going to enter the energy sector apart from electric vehicles. According to PTI report, the energy storage market can grow to 30 billion dollars i.e. Rs 2.64 lakh crore by 2030.
Ola Electric said in its BSE filing, ‘We would like to inform you that Ola Electric, India’s largest electric vehicle company, will introduce its new product in the energy sector, named ‘Ola Shakti’. However, the company has not disclosed any information about Ola Shakti.
The new product may be connected to a battery energy storage system
PTI quoted sources as saying that this new product of the company can be connected to Battery Energy Storage System (BESS), which will be for homes and businesses. Ola will use 4680 Bharat Cell technology manufactured in its Tamil Nadu Gigafactory in this product. This means that solar or grid electricity can be stored in this product and used as per requirement.
Demand for distributed energy solutions is increasing
Ola is entering the market at a time when demand for distributed energy solutions is increasing. If Ola Battery Energy Storage System (BESS) is coming into the market, then the company will benefit. Because it already has the infrastructure in place, which will reduce its barriers to entering the market through traditional methods.
Its Gigafactory with 5 GWh capacity can be easily used for storage purposes, that too without spending much money. Additionally, Ola Electric stores spread across the country will act as immediate distribution points for residential and commercial customers.
All these assets of the company will help it enter the market faster than building BESS infrastructure. India’s energy storage sector offers huge opportunities for start-up companies. Ola’s entry will increase the manufacturing capacity in the country, especially when the government is giving priority to local production.
BESS launch
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