The owners of Ford’s (NYSE:F) F-150 Lightning pickups may soon be able to enjoy savings on their monthly electric bills as well. The automotive major is teaming up with Resideo Technologies (NYSE:REZI) on a joint simulation project for vehicle-to-home (V2H) energy management.
The partnership will evaluate the potential of EV batteries for optimal home energy management. Ford is the first automaker to introduce an electric truck with the capacity of bi-directional charging for homes in the U.S. Now, the project will look at the benefits of pairing bi-directional EV charging with Resideo’s smart thermostats.
The F-150 Lightning can already power homes in case of an outage. Along with lowering the overall energy needed during grid stress events, the partnership will examine how coordination between batteries and smart thermostats can help a system leverage clean energy.
Dana Huth, the EVP and Chief Revenue Officer at Resideo, commented, “With this EV Power partnership project, we can discover new ways for F-150 Lightning owners to utilize their EV battery to power their home’s heating and cooling and to help build a home energy management strategy that can optimize their home’s comfort and energy use.” The project is expected to be completed in the first half of next year.
Today’s announcement follows Ford’s recent partnership with clean energy company Xcel Energy (NASDAQ:XEL) for the deployment of 30,000 electric vehicle charging ports in the U.S. by 2030.
Is Ford a Buy, Sell, or Hold?
Overall, the Street has a Moderate Buy consensus rating on Ford, and the average F price target of $13.39 implies a significant 25.3% potential upside in the stock. That’s after a nearly 17% decline in the company’s share price over the past six months.
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