(Reuters) – Japan’s Nissan Motor said on Monday it would invest an undisclosed amount in ChargeScape and roll out the battery charging technology company’s services to its electric-vehicle drivers across the United States and Canada.
After the transaction, Nissan will pick up a 25% stake in ChargeScape, becoming an equal investor in the joint venture that is currently equally owned by BMW, Ford and Honda.
ChargeScape, which provides software and technology to optimize EV battery charging, competes in a tight market that is dominated by Tesla and has seen newer entrants such as ChargePoint, Gridserve and BP Pulse.
Demand for automotive software catering to electrified vehicles has been on the rise as more companies realign their model lineups with advanced driver aids and automated features.
ChargeScape expects more automakers to invest in it over the next few months.
When plugged in to ChargeScape’s platform, drivers can also receive financial incentives for temporarily pausing charging during periods of high demand and will eventually be able to sell the energy stored in their vehicles back to the power grid.
Nissan’s move underscores its wider strategy towards investing in the bi-directional charging technology offered on its Leaf EV.
Reporting by Nathan Gomes in Bengaluru; Editing by Janane Venkatraman and Shilpi Majumdar
