Ford Motor Company (NYSE: F) shares saw an uptick on Wednesday as it, along with Bayerische Motoren Werke AG (OTC: BMWYY) and Honda Motor Company, Ltd. (NYSE: HMC), commenced operations for their joint venture, ChargeScape, announced last year.
ChargeScape is a vehicle-grid integration initiative designed as a software platform to link electric vehicles (EVs) with the power grid. The platform aims to stabilize the grid and lower charging costs for drivers.
The venture has appointed Joseph Vellone as its inaugural CEO and Kalidindi Raju as Chief Technology Officer (CTO).
Vellone stated, “The U.S. has set ambitious goals for renewable energy and EV adoption. ChargeScape will bridge the gap between electricity supply and demand, transforming EVs from a burden on the grid into a valuable asset.”
Raju added, “Despite the competitive landscape in vehicle-grid integration, our alliances with leading automakers provide us with a significant advantage. Our direct access to vehicles allows us to help utilities manage EV charging securely and efficiently.”
ChargeScape’s technology integrates wirelessly with EVs and collaborates with utilities to regulate energy flow according to real-time grid conditions. EV drivers can earn financial incentives for their flexibility while ensuring their vehicles are charged on time.
In August, Ford sold 8,944 electric vehicles in the U.S., marking a 29% increase from the previous year. Additionally, Ford announced plans to begin production of a high-performance street version of the Mustang later this year.
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