Electric vehicle manufacturing company Ola Electric is now planning to enter the energy storage market. Ola’s Chairman and Managing Director, Bhavish Aggarwal, hinted at this by sharing a post on the social media platform X. Bhavish Aggarwal wrote in the post, ‘Very excited about Shakti. The launch date has been revised. Now this launch will be at 10 AM.’
In this post, he also shared some photos and a video of his product. The word ‘Shakti’ is written on the product in the photo. From this, it can be inferred that the name of his new product is Shakti. Before this, Bhavish Aggarwal had made a post, in which he had stated the launch date as October 17. Energy storage market to grow to ₹2.64 lakh crore by 2030 These two posts by Bhavish indicate that Ola Electric is going to enter the energy sector in addition to electric vehicles. According to a PTI report, the energy storage market could grow to $30 billion, or ₹2.64 lakh crore, by 2030. Meanwhile, Ola Electric said in a BSE filing: We want 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. New product may be related to battery energy storage system PTI, citing sources, reported that the company’s new product could be related to Battery Energy Storage System (BESS), which will be for homes and businesses.
Ola will use its 4680 Bharat Cell Technology, manufactured at its Tamil Nadu Gigafactory, in this product. This means that solar or grid electricity can be stored in this product and used when needed. Demand for distributed energy solutions is growing Ola is entering the market at a time when the demand for Distributed Energy Solutions is increasing. If Ola enters the Battery Energy Storage System (BESS) market, the company will benefit because it already has existing infrastructure, which will reduce its barriers to entering the market through traditional methods. Its 5 GWh capacity gigafactory can be easily used for storage purposes, without spending much money. Additionally, Ola Electric’s stores spread across the country will serve as immediate distribution points for residential and commercial customers. All these assets of the company will help it enter the market faster compared to building BESS infrastructure.
India’s energy storage sector offers great opportunities for nascent companies. Ola’s entry will boost the country’s manufacturing capacity, especially when the government is prioritizing local production.
The post Ola plans to make a move into energy storage business:Bhavish Aggarwal set to unveil ‘Ola Shakti’ tomorrow, the company’s first product outside the vehicle segment appeared first on Tri-Cities India.