Ford Motor Company (NYSE:F) shares are trading higher on Wednesday. Ford, Bayerische Motoren Werke AG (OTC:BMWYY) and, Honda Motor Company, Ltd. (NYSE:HMC) launched operations for the joint venture, ChargeScape, that was announced last year.
ChargeScape, the vehicle-grid integration joint venture, is a software platform that connects electric vehicles (EVs) to the power grid, helping to stabilize the grid and reduce charging costs for drivers.
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The companies disclosed the appointment of Joseph Vellone as ChargeScape's first CEO and Kalidindi Raju as its Chief Technology Officer (CTO).
Vellone said, "The U.S. has set ambitious targets for renewable energy deployment and EV adoption, and ChargeScape is here to bridge that gap between supply and demand of electricity."
"We want to transform EVs from a liability into an asset for the power grid and help deliver a clean transportation future for our country."
Raju said, "Although the vehicle-grid integration market is expected to be highly competitive, our partnerships with the world's largest automakers gives us a significant edge. With direct access to the vehicles, we enable utilities to optimize EV charging securely and reliably."
ChargeScape's technology wirelessly connects to electric vehicles and collaborates with utilities to manage energy flow based on real-time grid conditions.
EV drivers can be financially rewarded for their flexibility, while ensuring their vehicles are charged by the specified time.
This month, Ford sold 8,944 electric vehicles in August in the U.S., marking a jump of 29% from the corresponding month last year.
This week, the company said that it is looking to start production of a high-performance race car variant of the Mustang for street use as early as this year.
Investors can gain exposure to the stock via First Trust Nasdaq Transportation ETF (NASDAQ:FTXR) and Invesco Exchange-Traded Fund Trust II Invesco S&P Ultra Dividend Revenue ETF (NYSE:RDIV).
Price Action: F shares are trading higher by 1.01% at $11.01 at the last check Wednesday.
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