Ford, Honda And BMW Create EV Grid-services Company ChargeScape

(RTTNews) - BMW Group, Ford Motor Company (F) and American Honda Motor Co., Inc. Tuesday announced deal to create ChargeScape, LLC, an equally-owned company that will create a single, cost-effective platform connecting electric utilities, automakers and EV customers.

The companies claim that ChargeScape will benefit both EV customers and the electric utility industry in the U.S. and Canada, asi it wil "unlock entirely new value that EVs can provide to the electric grid, while enabling EV customers to earn financial benefits through a variety of managed charging and energy-sharing services never before possible with traditional gasoline-powered vehicles."

The closing of the deal and subsequent formation of ChargeScape is pending regulatory approvals, with the company expected to be operational early next year.

"Electric grid reliability and sustainability are the foundation for an EV powered future," said Thomas Ruemenapp, Vice President, Engineering, BMW of North America, LLC. "ChargeScape aims to accelerate the expansion of smart charging and vehicle-to-everything solutions all over the country, while increasing customer benefits, supporting the stability of the grid and helping to maximize renewable energy usage. We're proud to be a founding member of ChargeScape and are looking forward to the opportunities this collaboration will create."