Ola Electric shares hit 5% upper circuit as it forays into energy storage market with 'Ola Shakti'

Shares of Ola Electric Mobility Ltd. surged 4.99% to hit the upper circuit on Thursday, October 16, after the EV maker announced its entry into the energy storage solutions space with the launch of 'Ola Shakti'.

The stock has gained 10% over the past two sessions but remains down nearly 36% so far in 2025.

Led by founder Bhavish Aggarwal, Ola Electric said it is expanding beyond mobility into the broader clean energy ecosystem with the introduction of Ola Shakti, a portable battery energy storage system (BESS).

The device can power home appliances such as air conditioners and refrigerators, as well as water pumps and small business setups.

"We didn't name the company Ola Auto; we named it Ola Electric. Our vision has always been to bring the entire energy storage supply chain to market," said Aggarwal. "With Ola Shakti, we're offering a last-mile, grid-complementing solution for power backup, solar storage, voltage stability, and energy portability."

Available in four configurations, 1.5 kWh, 3 kWh, 5.2 kWh, and 9.1 kWh, Ola Shakti is priced at ₹29,999, ₹55,999, ₹1,19,999, and ₹1,59,999, respectively, for the first 10,000 units.

Pre-bookings are open at ₹999, with deliveries expected by Makar Sankranti 2026.

Aggarwal said Ola Shakti "represents a fundamental shift in how Indians access, control, and consume energy," adding that the company expects its annual BESS consumption to scale up to 5 GWh in the next couple of years.

According to Ola, the device features instant power changeover, IP67-rated weatherproof batteries, and real-time monitoring via a connected app. It can power appliances for up to 1.5 hours at full load.

Ola Electric plans to leverage its existing gigafactory, 4680 cell technology, and nationwide store network to scale its BESS operations without incurring additional capital expenditure.