Ford, BMW, and Honda are joining forces to create a new vehicle-to-grid company that aims to help EV owners save money by sending energy back to the electrical grid.

The new company, ChargeScape, will “create a single, cost-effective platform connecting electric utilities, automakers and interested electric vehicle customers.” Through that platform, EV owners “earn financial benefits through a variety of managed charging and energy-sharing services never before possible with traditional gasoline-powered vehicles.”

The three automakers will each own an equal share of the new company, which is expected to ramp up operations starting next year, pending regulatory approval.

ChargeScape, they promise, will help simplify the logistics so individual automakers won’t have to negotiate a plethora of deals with utility providers.

And the same will hold true for people who own EVs: they will get to use the platform to determine when’s the most “grid-friendly” time to charge their cars through “flexible and managed schedules.” ChargeScape also plans to develop products to help EV owners share their vehicle’s energy with the grid during times of peak demand through vehicle-to-grid applications.

Seven major companies, including BMW, GM, Honda, Hyundai, Kia, Mercedes-Benz, and Stellantis, created a joint venture to build their own charging network in North America.

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