New Delhi, Aug. 5 -- Shares of two-wheeler maker Ola Electric Mobility rallied over 10% on Wednesday after the company signed a memorandum of understanding (MoU) with Axis Energy to deploy up to 20 GWh of battery energy storage systems (BESS) by 2032.

"The MoU is the first large-scale partnership for Ola Mahashakti, Ola's forthcoming energy storage platform for commercial, industrial and utility-scale applications, scheduled to launch on 15 August. The partnership is an early demonstration of the scale of demand Mahashakti can address. It establishes utility-scale BESS as a significant new growth avenue for Ola," the company said in an exchange filing.

Axis Energy is developing one of India's largest pipelines of storage-backed renewabl...