Ford Motor Co (NYSE: F) and Resideo Technologies, Inc (NYSE: REZI) have launched a joint simulation project to explore vehicle-to-home (V2H) energy management called the "EV-Home Power Partnership."
The project is designed to explore the potential of electric vehicle batteries to support optimal home energy management.
The project will explore, test and quantify the customer benefits of pairing bi-directional EV charging with a Resideo smart thermostat to help save money on monthly electric bills, reduce strain on the U.S. electric grid, and enable the use of cleaner energy.
The EV Home Power Partnership project will simulate the integration of Resideo's smart thermostats with the energy stored in the battery on the F-150 Lightning.
"Successful vehicle-to-home energy management solutions would give Ford EV drivers as well as utilities and power companies the confidence to accelerate future vehicle-to-grid services never-before thought possible with traditional vehicles," said Ford's head of global charging and energy services, Bill Crider.
Project work has begun and is expected to be completed in the first half of 2024.
Price Action: F shares are trading higher by 0.37% at $10.73 in premarket on the last check Thursday.