News

Ford, Honda, and BMW Join Forces to Create Electric-Vehicle Grid-Services Company

James L. Flint

• September 12, 2023

Ford Motor Co., Honda Motor Co.'s U.S. unit, and BMW Group have announced the establishment of a new electric-vehicle grid-services company called ChargeScape. This innovative platform aims to establish a connection between electric utilities, automakers, and EV owners in a managed EV-charging system.

Benefits for EV Customers and Electric Utilities

ChargeScape will offer EV customers the opportunity to earn financial benefits by charging their vehicles at optimal times for the power grid. This will help reduce strain on the grid during peak energy consumption periods. In addition, electric utilities will be able to access energy stored in EV batteries, which will further contribute to supporting the stability of the grid.

Leveraging EVs to Stabilize the Grid

This collaboration with ChargeScape opens up new possibilities for utilizing the increasing number of EVs in the United States to help stabilize the grid during peak times. Traditionally, this responsibility has fallen on peaker power plants fueled by natural gas. With ChargeScape, EV owners will also have the opportunity to share the energy stored in their vehicle batteries with the grid during periods of high demand through vehicle-to-grid (V2G) applications.

Positive Market Response

Following this announcement, Ford's stock saw a 1% increase, maintaining its gains amidst a mixed day for the broader U.S. equity market. Year-to-date, Ford's stock has risen by 6%, compared to the S&P 500's 16% advance.