India, Aug. 5 -- Shares of Ola Electric climbed as much as 10.4% to an intraday high of Rs.42.55 on the BSE today after the EV maker announced its first large-scale partnership for its upcoming commercial-scale battery energy storage system (BESS) platform, Ola Mahashakti.

The stock later gave up some of the gains and was trading 7.63% higher at Rs.41.49 on the BSE at 15:10 IST, taking the company's market capitalisation to Rs.19,110 Cr (about $2 Bn).

Ola Electric said it has signed a memorandum of understanding (MoU) with Hyderabad-based renewable energy company Axis Energy for the potential deployment of up to 20 GWh of battery energy storage systems by 2032. The agreement envisages annual deployments ramping up to 5 GWh from 2028.

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