Ford, Honda, BMW to create ChargeScape joint venture

BMW Group (BMWYY), Ford Motor (F) and American Honda Motor (HMC) announced that they have entered into an agreement to create ChargeScape, which they call “a new equally-owned company that will create a single, cost-effective platform connecting electric utilities, automakers and interested electric vehicle customers.” “Benefiting both EV customers and the electric utility industry in the U.S. and Canada, ChargeScape will 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 transaction and subsequent formation of ChargeScape is pending regulatory approvals, with the company expected to be operational early next year,” the companies stated.