Ola Electric on Thursday announced its entry into the energy storage space with the launch of ‘Ola Shakti’, its first residential Battery Energy Storage System (BESS). The launch marks the company’s diversification beyond its core electric vehicle business and entry into a market projected to attract around $35 billion in investments over the next five years, according to the India Energy Storage Alliance (IESA). Advertisement

Founder and CEO Bhavish Aggarwal said the company’s move into the segment was a natural progression. “We have already built world-class battery and cell technology for electric mobility,” he said, adding that the new solution leverages the same expertise developed for its EV operations.

However, the foray comes at a time when Ola Electric is still grappling with e

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