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Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
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Nissan to Acquire 25% Stake in ChargeScape for EV-Grid Integration
Nissan Motor Co., Ltd. (NSANY - Free Report) is set to invest in ChargeScape, a joint venture (JV) with BMW (BMWYY - Free Report) , Ford Motor Company (F - Free Report) and Honda Motor Co., Ltd. (HMC - Free Report) , focused on integrating electric vehicles (EVs) with the power grid. Once the deal is finalized, Nissan will hold a 25% stake and extend ChargeScape’s services to EV users in the United States and Canada.
ChargeScape, launched last month by BMW, Ford and Honda, uses software to wirelessly connect with EVs and manages electricity flow based on grid conditions. It enables smart charging (V1G) to reduce peak demand and vehicle-to-grid (V2G) capabilities to send energy back to the grid when needed. The platform provides financial benefits to EV owners by allowing them to earn incentives by pausing charging during high demand and selling stored energy back to the grid.
Nissan's involvement is significant due to the sale of more than 650,000 LEAF models in the United States, which can export power to the grid. The company is investing in bidirectional charging (V2X) for its global EV fleet while ChargeScape develops virtual power plants in states like California and Texas.
ChargeScape operates in a competitive market dominated by Tesla, with other key players like ChargePoint, Gridserve and BP Pulse gaining traction. The growing demand for EV-related software is driven by advancements in driver assistance systems and automation. ChargeScape strengthens connections between utilities and EV drivers, enhancing the ownership experience and contributing to CO2 emission reductions by optimizing renewable energy use. The initial four JV partners expect additional automakers, beyond Nissan, to join the venture in the coming months.
In the first quarter of fiscal 2024, Nissan reported net revenues of ¥2.99 trillion, up from ¥2.92 trillion in the corresponding quarter of 2023. The automaker’s operating profit fell to ¥995 million, down from ¥128.6 billion due to higher sales incentives and marketing costs aimed at managing fierce sales competition and optimizing inventory, especially in the United States. For fiscal 2024, the automaker expects net sales of ¥14 trillion and operating income of ¥500 billion.