A trio of car companies are joining forces on a new company that will connect power utilities, automakers and electric vehicle owners.

Called ChargeScape, the new equally-owned venture from American Honda Motor Co., BMW Group and Ford Motor Co. aims to create a single platform to manage EV energy usage.

What You Need To Know

  • BMW, Ford and Honda are partnering on a new company, ChargeScape, which aims to create a single platform to manage EV energy usage

  • Through ChargeScape, EV owners can save money by charging their cars when electricity is cheapest and earn money by providing energy to the electric grid during times of peak demand

  • Electric utiliteis benefit from being able to tap additional electricity when needed by connectig with a growing fleet of EV batteries and their stored energy

The company is designed to help EV owners save money by charging their cars when electricity is cheapest and to earn money by providing energy to the electric grid during times of peak demand. It will also help power utilities tap additional electricity when needed by connecting them with a growing fleet of electric vehicle batteries and their stored energy. Enabling the transfer of energy between utilities and EVs through a single platform streamlines a process that had previously been negotiated between individual auto makers and utilities.

“Electric grid reliability and sustainability are the foundation for an EV-powered future," BMW of North American Vice President Thomas Ruemenapp said in a statement. “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.”

In addition to its benefits for EV owners and electric utilities, ChargeScape can also increase EVs’ use of renewable energy by incentivizing drivers to charge when solar and wind power are most available on the grid. Through ChargeScape, utilities will be able to access EVs’ built-in telematics to determine the best times to charge.

In its announcement Tuesday, Honda said the deal is pending regulatory approvals but is expected to begin operations early next year. The three founding member companies said they welcome other auto makers to join them.