DiscoverGold
2 weeks ago
Ford Mistakes Pressure CEO Farley
By: 24/7 Wall St. | November 21, 2024
• Ford Motor Co. (NYSE: F) CEO Jim Farley is under a lot of pressure.
• Chances are that his tenure will not last much longer.
Ford Motor Co. (NYSE: F) CEO Jim Farley took over in October 2020. He has been a favorite of Executive Chair Bill (Willam Clay, Jr.) Ford. However, Bill has a habit of firing CEOs since he took over in 1999. He has gone through six since then, including when he took the CEO job. That means the tenure of the CEOs is four years. Star Alan Mulally lasted eight.
As Bloomberg reports, Ford has laid off 4,000 workers in Europe as its electric vehicle (EV) business there loses momentum. That adds to its deep trouble in the United States. While Bill Ford was partially responsible for the company’s horrible EV performance, most of it happened on Farley’s watch.
Ford originally said it would invest $30 billion into its EV business and produce 600,000 EVs by the end of 2023. That goal moved to 2024, but attaining it has become impossible. Ford has cut back production of its EV flagship, the F-150 Lightning. EV sales per month are extremely modest. This has happened as Tesla kept a huge lead in the U.S. EV sector.
Ford’s warranty issues may be just as big a problem as its EV sales. They have dragged earnings down by several hundred million dollars in the past two reported quarters. The National Highway Traffic Safety Administration recently fined Ford for one recall problem. Two more recall investigations then hit it. Farley has said, quarter after quarter, that the quality problem will get better.
Ford’s stock was about $8 a share when Farley took over. By January 2021, it had hit just over $10. Today, it is under $11. Farley is under a lot of pressure.
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DiscoverGold
1 month ago
Ford (F) Stock Falls on Gloomy Revenue Forecast
By: Schaeffer's Investment Research | October 29, 2024
• Ford issued full-year guidance at the lower end of its range
• The company was in line with third-quarter expectations
Ford Motor Co (NYSE:F) stock is lower Tuesday, after the automobile manufacturer issued full-year guidance that was at the low end of its previous range, amid softening demand, rising inventory, and worries surrounding the viability of cost-cutting measures. Meanwhile, the company's third-quarter results were in line with expectations.
At last glance, F was down 9.7% at $10.27 to trade near a floor that saved its early September pullback. The equity is pacing for its worst single-session percentage loss since July, and is extending its year-to-date deficit to 13.4%.
Ford stock's options pits are brimming with activity. Already, 126,000 calls and 107,000 puts have traded hands, which is 10 times the average intraday volume. The most activity is taking place at the December 12 call, following by the 11 call from the same monthly series. Meanwhile, new positions are being sold to open at the weekly 11/1 10.50-strike call.
Analysts are also weighing in, with at least four price-target cuts rolling in before the open today. More bear notes could be on the way too, considering the 12-month average price target of $12.10 is a 17.8% premium to F's current perch.
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DiscoverGold
1 month ago
Ford Stock Beaten Down Ahead of Earnings
By: 24/7 Wall St. | October 24, 2024
• In the upcoming report from Ford Motor Co. (NYSE: F), Wall Street is not expecting a recovery from its previous quarterly results.
Ford Motor Co. (NYSE: F) announces earnings on October 28. Since the last time it announced quarterly figures, the stock has fallen 20%, while the S&P 500 is 5% higher. Shares of crosstown rival General Motors Co. (NYSE: GM) have risen 14% over the period. Wall Street is not expecting a recovery from Ford’s previous quarterly report.
Ford’s shares dropped 13% when it missed forecasts for its second-quarter earnings. It did slightly better on the top line. Revenue was $44.81 billion, compared to a consensus estimate of $44.02 billion. However, per-share earnings figures were dismal at $0.47, compared to an expected $0.68.
The most significant disappointment was that the company’s warranty costs had risen $800 million from the previous quarter. Ford Chief Financial Officer John Lawler tried to be slightly optimistic, but it did not work: “We’re making real progress in raising quality, lowering costs and reducing complexity across our entire enterprise.”
Experts and the media have estimated that Ford loses $100,000 for every electric vehicle (EV) it sells. After announcing that it would invest $30 billion in EVs, Ford has retreated, particularly because of sales of its EV flagships, the F-150 Lightning and Mustang Mach-E.
Of the 27 analysts that cover the stock, according to Yahoo Finance, 16 rate it a Hold and three rate it Underperform or Sell. The consensus price target is $12.15, against a current price of $11.06. Analysts are pessimistic, and the stock sales point that way.
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DiscoverGold
1 month ago
Ford Down 8% in Past 2 Years vs S&P 500 Up 129%
By: 24/7 Wall St. | October 21, 2024
• Ford Motor Co. (NYSE: F) stock has far underperformed competitors and the broad market in the past two years.
• There are two main reasons for that.
The S&P 500 has been on a run recently, rising 56% in two years. Shares of Ford Motor Co.’s (NYSE: F) crosstown rival General Motors Co. (NYSE: GM) are up 40%. Yet, Ford stock is down 9% in the same period. What happened?
Two things have battered Ford. The first is what it said but shouldn’t have. Management claimed it would invest $30 billion into electric vehicles (EVs) to become the U.S. market leader. In June 2022, it said it would nearly double production of its F-150 Lightning, its EV flagship, to 150,000 in two years. Kumar Galhotra, president of Ford’s Americas & International Markets Group, commented at the time, “With nearly 200,000 reservations, our teams are working hard and creatively to break production constraints to get more F-150 Lightning trucks into the hands of our customers.” Today, Ford sells a few of the pickups a month. By late last year, it had cut that delivery forecast to 1,600 a week for 2024.
The second thing was warranty problems. Ford’s latest earnings announcement included a jump in warranty issues that caused a $800 billion increase. The company had promised better numbers and a large increase in quality after years in which consumers and investors waited.
Ford is a good example of how investors become disappointed in results that management keeps promising and then misses.
Read Full Story »»»
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DiscoverGold
2 months ago
Ford's Shares Dragged Down by Stellantis Warning
By: 24/7 Wall St. | September 30, 2024
• Stellantis N.V. (NYSE: STLA) warned that its financial results for the year would be worse than expected.
• Ford Motor Co. (NYSE: F) investors worry it will be the next global automaker to disappoint the market.
Global carmaker Stellantis N.V. (NYSE: STLA), the parent of Jeep, Chrysler, and Dodge, warned that its financial results for the year would be much worse than expected. Volkswagen posted similar warnings recently. The Stellantis news dragged its stock down 13%. Shares of Ford Motor Co. (NYSE: F), a direct competitor to Stellantis, immediately dropped almost 3%. That means Ford’s stock has fallen about 14% this year.
Daunting Challenges
According to Reuters, Stellantis management said it would burn through $5 billion to $11 billion this year. Previously, it forecasted it would be cash-positive. Costs to revive its U.S. sales and competition from China were listed as causes.
The challenge faced by global car companies in China is staggering. International manufacturers, including Stellantis, are losing market share inside China. Today, it has a market share of only 1% of the world’s largest car market. Ford’s figure has also fallen recently. Among the reasons is the rapid adoption of electric vehicles (EVs) in China. Local manufacturers like BYD dominate the sector.
Over time, the second and more daunting challenge is that Chinese car companies have started exporting EVs. China EVs can have price tags as low as $15,000. Legacy car companies and Tesla Inc. (NASDAQ: TSLA) have yet to produce EVs from which they can profit at a $25,000 MSRP. Tesla plans to introduce a new model with a price close to that. The only reason Chinese car companies do not compete in Europe and the United States is high tariffs. It is impossible to determine how long those will last.
Costs are another reason Stellantis says its financials have weakened. This has also been a challenge across the industry. Volkswagen may close plants in Germany for the first time in its history. Ford recently said a new UAW contract would cost it $8.8 billion.
Ford investors have watched as its competition cut forecasts. Wall Street is worried Ford will be the next to disappoint the market.
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mick
2 months ago
THE MENU $7.000, $TSLA , DOING A MODEL T FORD FOR AVERAGE JOE $7000 MODEL 'C' TSLA
https:// youtu.be/XlKSKTcdG30
$TSLA ,,, $7,000 E.V.MODEL 'C'
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INCLUDING SPACE X, SOLAR, STARLINK, BATTERY ...
THE NEED FOR SKILLED WORKER
$TSLA ... $F FORD WILL RESHAPE THE ENTIRE E.V. INDUSTRY ...
mick
2 months ago
in the making
#2 FORD
September 18 2024 - 8:30AM
PR Newswire (US)
Alert
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New Tech Firm Formed by Automakers to Help Manage Flow of Data, Energy Between EVs and Power Grid
NEW YORK, Sept. 18, 2024 /PRNewswire/ -- BMW, Ford and Honda have begun operations of the new joint venture that they announced last year and have appointed the first CEO and CTO. ChargeScape is a software platform that integrates electric vehicles (EVs) into the power grid, shoring up grid stability while saving drivers money on their charging.
The announcement underscores that automakers remain committed to EVs – including plug-in hybrids – and are focused on reducing the total cost of ownership for their customers.
As more Americans switch to EVs, cheaper fueling costs have become top-of-mind for drivers, particularly while charging at home where 80% of EV charging occurs according to U.S. Department of Energy estimates. At the same time, the nation's power grids have come under increasing strain due to electricity demand from data centers and the intermittent nature of renewables.
To meet these needs, ChargeScape's technology wirelessly connects to electric vehicles and, working with participating utilities, manages the flow of electrons in line with real-time grid conditions, temporarily reducing demand when the grid is constrained through smart charging (V1G) and even sending energy back into the power grid when needed (V2G). EV drivers have the potential to be rewarded financially for their flexibility and always have their vehicle charged by the time they specify.
ChargeScape builds off of the early success of these automakers' work on smart charging through the Open Vehicle-Grid Integration Platform (OVGIP), which counts multi-state utilities such as Duke Energy, Xcel Energy and Eversource Energy as clients.
Board Names Two Key Leadership Appointments
Following the official launch of the joint venture, BMW, Ford and Honda announced the appointment of ChargeScape's first CEO, Joseph Vellone.
Bringing 15 years of experience in the energy and climate sectors, Vellone was most recently part of the founding team at software start-up ev.energy, where he launched and grew the company's North America business to include over a dozen utilities and 150,000 EVs.
"Joseph's leadership and track record operating cleantech start-ups is precisely what we need to make ChargeScape a success," said current ChargeScape Board Chairman Shaun Bugbee of BMW.
Before joining ev.energy, Vellone worked as a management consultant at the Boston Consulting Group (BCG), where he was part of the firm's energy and environment practice. He is a graduate of Princeton University and the London School of Economics. While in high school, his student research on hydrogen fuel cells was recognized with honors from Congress and the White House.
"The U.S. has set ambitious targets for renewable energy deployment and EV adoption, and ChargeScape is here to bridge that gap between supply and demand of electricity," said Vellone. "We want to transform EVs from a liability into an asset for the power grid and help deliver a clean transportation future for our country."
Newly appointed ChargeScape Chief Technology Officer (CTO) Kalidindi Raju has over 15 years of experience leading high-performing technology organizations and is a recognized leader in cloud architecture, artificial intelligence, machine learning, analytics, data engineering and product development. He previously held senior leadership positions at Amazon, OATI and other technology companies.
Raju holds a Master of Business Administration from Texas A&M International and a bachelor's degree in computer science and engineering from the National Institute of Technology, Rourkela (India).
"Although the vehicle-grid integration market is expected to be highly competitive, our partnerships with the world's largest automakers gives us a significant edge. With direct access to the vehicles, we enable utilities to optimize EV charging securely and reliably," said Raju. "We plan to fully leverage this key advantage."
mick
2 months ago
#2 FORD
September 18 2024 - 8:30AM
PR Newswire (US)
Alert
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New Tech Firm Formed by Automakers to Help Manage Flow of Data, Energy Between EVs and Power Grid
NEW YORK, Sept. 18, 2024 /PRNewswire/ -- BMW, Ford and Honda have begun operations of the new joint venture that they announced last year and have appointed the first CEO and CTO. ChargeScape is a software platform that integrates electric vehicles (EVs) into the power grid, shoring up grid stability while saving drivers money on their charging.
The announcement underscores that automakers remain committed to EVs – including plug-in hybrids – and are focused on reducing the total cost of ownership for their customers.
As more Americans switch to EVs, cheaper fueling costs have become top-of-mind for drivers, particularly while charging at home where 80% of EV charging occurs according to U.S. Department of Energy estimates. At the same time, the nation's power grids have come under increasing strain due to electricity demand from data centers and the intermittent nature of renewables.
To meet these needs, ChargeScape's technology wirelessly connects to electric vehicles and, working with participating utilities, manages the flow of electrons in line with real-time grid conditions, temporarily reducing demand when the grid is constrained through smart charging (V1G) and even sending energy back into the power grid when needed (V2G). EV drivers have the potential to be rewarded financially for their flexibility and always have their vehicle charged by the time they specify.
ChargeScape builds off of the early success of these automakers' work on smart charging through the Open Vehicle-Grid Integration Platform (OVGIP), which counts multi-state utilities such as Duke Energy, Xcel Energy and Eversource Energy as clients.
Board Names Two Key Leadership Appointments
Following the official launch of the joint venture, BMW, Ford and Honda announced the appointment of ChargeScape's first CEO, Joseph Vellone.
Bringing 15 years of experience in the energy and climate sectors, Vellone was most recently part of the founding team at software start-up ev.energy, where he launched and grew the company's North America business to include over a dozen utilities and 150,000 EVs.
"Joseph's leadership and track record operating cleantech start-ups is precisely what we need to make ChargeScape a success," said current ChargeScape Board Chairman Shaun Bugbee of BMW.
Before joining ev.energy, Vellone worked as a management consultant at the Boston Consulting Group (BCG), where he was part of the firm's energy and environment practice. He is a graduate of Princeton University and the London School of Economics. While in high school, his student research on hydrogen fuel cells was recognized with honors from Congress and the White House.
"The U.S. has set ambitious targets for renewable energy deployment and EV adoption, and ChargeScape is here to bridge that gap between supply and demand of electricity," said Vellone. "We want to transform EVs from a liability into an asset for the power grid and help deliver a clean transportation future for our country."
Newly appointed ChargeScape Chief Technology Officer (CTO) Kalidindi Raju has over 15 years of experience leading high-performing technology organizations and is a recognized leader in cloud architecture, artificial intelligence, machine learning, analytics, data engineering and product development. He previously held senior leadership positions at Amazon, OATI and other technology companies.
Raju holds a Master of Business Administration from Texas A&M International and a bachelor's degree in computer science and engineering from the National Institute of Technology, Rourkela (India).
"Although the vehicle-grid integration market is expected to be highly competitive, our partnerships with the world's largest automakers gives us a significant edge. With direct access to the vehicles, we enable utilities to optimize EV charging securely and reliably," said Raju. "We plan to fully leverage this key advantage."
mick
3 months ago
'First Irish case' of death by spontaneous combustion
BBC
https://www.bbc.com › news › world-europe-15032614
Sep 23, 2011 — A man who burned to death in his home died as a result of spontaneous combustion, an Irish coroner has ruled.
Missing: Escort ?| Show results with: Escort
Spontaneous Human Combustion: 5 apparent instances ...
The Independent
https://www.the-independent.com › ... › Features
Nov 5, 2015 — SHC is used to describe instances when a human – either living or recently dead – seems to burst into flames without an external source of ignition.
Missing: Escort ?| Show results with: Escort
Spontaneous Human Combustion and Preternatural ...
Scholarly Commons: Northwestern Pritzker School of Law
https://scholarlycommons.law.northwestern.edu › ...
PDF
by L Adelson · 1952 · Cited by 5 — Spontaneous human combustion is that phenomenon wherein the body takes fire without an outside source of heat and is rapidly reduced to a handful of greasy ...
Missing: Escort ?| Show results with: Escort
Why a Woman in Germany Just Spontaneously Combusted
VICE
https://www.vice.com › article › why-a-woman-in-germ...
Nov 5, 2015 — SHC was then popularized in the 1853 Charles Dickens novel Bleak House, in which one of the novel's central characters spontaneously combusts.
Missing: Escort ?| Show results with: Escort
mick
3 months ago
Materials that may catch fire by spontaneous combustion are:
Rags and waste with oil and paint residues
Towels and linen, during laundering and drying
Paint overspray or material from a paint spray booth
Coal
Haystacks
Green waste piles and compost
A number of chemical substances, such as cellulose nitrate
Spontaneous combustion occurs when a combustible material is heated to its ignition temperature by a chemical reaction involving the oxygen in the air (oxidation). The oxidation of the combustible material creates heat. If this heat cannot be dissipated, it will build up in the combustible material until ignition occurs. Generally, the build up of heat to ignition point occurs when the material is bunched up or in a pile preventing the heat being generated from adequately escaping.
For ignition to occur, the rate of air movement must be sufficient to provide enough oxygen for the oxidation reaction but not so fast as to stop the material heating to its ignition temperature. Since the balance of oxygen flow and heat loss needs to be carefully balanced, spontaneous combustion is not common but is still a risk that needs to be managed Some businesses have had unsafe work practices for many years before they have a fire caused by spontaneous combustion.
The possibility of spontaneous combustion is greater if the surrounding air is warm and dry – as in the Adelaide summer. Preheating the material can initiate the oxidation reaction that leads to spontaneous ignition, or can hasten ignition by adding even more heat to the combustible material.
The spontaneous combustion of oil-soaked rags is not as common as it used to be because of the popularity of acrylic paints that do not require the use of ‘drying oils’ such as linseed oil. However, the problem still occurs with oil-based paints and some timber stains and polishes. Linseed oil is the most common example of a ‘drying oil’ but rapeseed, cottonseed, peanut, corn oil and safflower oil may also self-heat.
Fish oils are notorious for their self-heating properties. Mineral oils like white spirit, mineral turpentine or lubricating oil are not prone to self-heating and will not cause spontaneous combustion.
It is simple to prevent spontaneous combustion since oxygen is needed for it to occur. Materials subject to spontaneous combustion should be stored in sealed metal containers such as a safety can or rubbish bin. The container will contain oxygen at first, but the oxidation process will soon use this up and the process will stop.
Rags impregnated with linseed or other drying materials should either be immersed in water and spread out flat in a safe place to dry, immediately after use. If it is necessary to transport oil or paint-soaked rags, they should be sealed in metal containers.
Fires in commercial laundry facilities (and sometimes also in hospitals and laundromats) have been attributed to the spontaneous ignition of cotton or linen that has been dried and then either stacked while still hot or dumped into bins without cooling. If the materials are stacked or binned at high enough temperatures (above 90 degrees Celsius), the heat accumulated in the centre of the pile may be enough to trigger spontaneous ignition of the cotton materials. Materials must always be put through a cooling cycle in the dryer, or spread in single layers to cool completely before folding or stacking.
If towels and linen that contain oil (such as cooking oils or the oils from physiotherapy or massage clinics) are sent for laundering, a residue of oil may remain after the laundering process. The heating and drying after laundering may cause this residue to self-heat and spontaneously combustion. Reduce the risk by laundering with plenty of detergent and using a hot water temperature for the wash. Once again the linen must be put through a cooling cycle in the dryer or spread in single layers to cool completely before folding or stacking.
For further advice:
Email: mfs.communitysafety@eso.sa.gov.au
Phone: (08) 8204 3611
Country Callers: 1300 737 637
mick
3 months ago
#3 FORD
About ChargeScape
ChargeScape is a technology company that connects electric utilities, automakers and electric vehicle drivers using software. From its offices in New York, ChargeScape helps stabilize electrical grids by optimizing the flow of electrons into and out of EV batteries and helps EV drivers save money on their charging through cash-back and other incentives. The company counts BMW, Ford and Honda as investors, with additional automakers set to join in the coming months.
BMW Group in America
BMW of North America, LLC has been present in the United States since 1975. Rolls-Royce Motor Cars NA, LLC began distributing vehicles in 2003. The BMW Group in the United States has grown to include marketing, sales, and financial service organizations for the BMW brand of motor vehicles, including motorcycles, the MINI brand, and Rolls-Royce Motor Cars; Designworks, a strategic design consultancy based in California; a technology office in Silicon Valley, and various other operations throughout the country. BMW Manufacturing Co., LLC in South Carolina is the BMW Group global center of competence for BMW X models and assembles the X3, X4, X5, X6 and X7 Sports Activity Vehicles as well as the BMW XM. The BMW Group sales organization is represented in the U.S. through networks of 350 BMW passenger car and BMW Sports Activity Vehicle centers, 144 BMW motorcycle retailers, 104 MINI passenger car dealers, and 38 Rolls-Royce Motor Car dealers. BMW (US) Holding Corp., the BMW Group's sales headquarters for North America, is located in Woodcliff Lake, New Jersey.
About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, committed to helping build a better world, where every person is free to move and pursue their dreams. The company's Ford+ plan for growth and value creation combines existing strengths, new capabilities and always-on relationships with customers to enrich experiences for customers and deepen their loyalty. Ford develops and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars and Lincoln luxury vehicles, along with connected services. The company does that through three customer-centered business segments: Ford Blue, engineering iconic gas-powered and hybrid vehicles; Ford Model e, inventing breakthrough electric vehicles along with embedded software that defines exceptional digital experiences for all customers; and Ford Pro, helping commercial customers transform and expand their businesses with vehicles and services tailored to their needs. Additionally, Ford provides financial services through Ford Motor Credit Company. Ford employs about 175,000 people worldwide. More information about the company and its products and services is available at corporate.ford.com.
About Honda's Commitment to the Environment
Honda is working toward its global goal of zero environmental impact by 2050 through its "Triple Action to Zero" approach, including achieving carbon neutrality for all products and corporate activities, 100% utilization of renewable energy, and resource circulation, utilizing 100% sustainable materials by reprocessing products back to raw materials and reusing those materials in the creation of new products. Toward this goal, Honda will strive to make battery-electric and fuel cell electric vehicles represent 100% of auto sales in the U.S. and globally by 2040.
To reduce the environmental impact of its business operations, Honda also is offsetting CO2 emissions from its North American manufacturing operations through long-term virtual power purchase agreements (VPPAs) for renewable wind and solar power that seek to cover more than 60% of the electricity Honda uses in North America. Honda also promotes environmentally responsible business practices with its suppliers and retail dealer partners across North America. Learn more at https://csr.honda.com/environment/na-environmental-report/.
mick
3 months ago
#2-A FORD
September 18 2024 - 8:30AM
PR Newswire (US)
Alert
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New Tech Firm Formed by Automakers to Help Manage Flow of Data, Energy Between EVs and Power Grid
NEW YORK, Sept. 18, 2024 /PRNewswire/ -- BMW, Ford and Honda have begun operations of the new joint venture that they announced last year and have appointed the first CEO and CTO. ChargeScape is a software platform that integrates electric vehicles (EVs) into the power grid, shoring up grid stability while saving drivers money on their charging.
The announcement underscores that automakers remain committed to EVs – including plug-in hybrids – and are focused on reducing the total cost of ownership for their customers.
As more Americans switch to EVs, cheaper fueling costs have become top-of-mind for drivers, particularly while charging at home where 80% of EV charging occurs according to U.S. Department of Energy estimates. At the same time, the nation's power grids have come under increasing strain due to electricity demand from data centers and the intermittent nature of renewables.
To meet these needs, ChargeScape's technology wirelessly connects to electric vehicles and, working with participating utilities, manages the flow of electrons in line with real-time grid conditions, temporarily reducing demand when the grid is constrained through smart charging (V1G) and even sending energy back into the power grid when needed (V2G). EV drivers have the potential to be rewarded financially for their flexibility and always have their vehicle charged by the time they specify.
ChargeScape builds off of the early success of these automakers' work on smart charging through the Open Vehicle-Grid Integration Platform (OVGIP), which counts multi-state utilities such as Duke Energy, Xcel Energy and Eversource Energy as clients.
Board Names Two Key Leadership Appointments
Following the official launch of the joint venture, BMW, Ford and Honda announced the appointment of ChargeScape's first CEO, Joseph Vellone.
Bringing 15 years of experience in the energy and climate sectors, Vellone was most recently part of the founding team at software start-up ev.energy, where he launched and grew the company's North America business to include over a dozen utilities and 150,000 EVs.
"Joseph's leadership and track record operating cleantech start-ups is precisely what we need to make ChargeScape a success," said current ChargeScape Board Chairman Shaun Bugbee of BMW.
Before joining ev.energy, Vellone worked as a management consultant at the Boston Consulting Group (BCG), where he was part of the firm's energy and environment practice. He is a graduate of Princeton University and the London School of Economics. While in high school, his student research on hydrogen fuel cells was recognized with honors from Congress and the White House.
"The U.S. has set ambitious targets for renewable energy deployment and EV adoption, and ChargeScape is here to bridge that gap between supply and demand of electricity," said Vellone. "We want to transform EVs from a liability into an asset for the power grid and help deliver a clean transportation future for our country."
Newly appointed ChargeScape Chief Technology Officer (CTO) Kalidindi Raju has over 15 years of experience leading high-performing technology organizations and is a recognized leader in cloud architecture, artificial intelligence, machine learning, analytics, data engineering and product development. He previously held senior leadership positions at Amazon, OATI and other technology companies.
Raju holds a Master of Business Administration from Texas A&M International and a bachelor's degree in computer science and engineering from the National Institute of Technology, Rourkela (India).
"Although the vehicle-grid integration market is expected to be highly competitive, our partnerships with the world's largest automakers gives us a significant edge. With direct access to the vehicles, we enable utilities to optimize EV charging securely and reliably," said Raju. "We plan to fully leverage this key advantage."
mick
3 months ago
#2 FORD
September 18 2024 - 8:30AM
PR Newswire (US)
Alert
Print
Share On Facebook
New Tech Firm Formed by Automakers to Help Manage Flow of Data, Energy Between EVs and Power Grid
NEW YORK, Sept. 18, 2024 /PRNewswire/ -- BMW, Ford and Honda have begun operations of the new joint venture that they announced last year and have appointed the first CEO and CTO. ChargeScape is a software platform that integrates electric vehicles (EVs) into the power grid, shoring up grid stability while saving drivers money on their charging.
The announcement underscores that automakers remain committed to EVs – including plug-in hybrids – and are focused on reducing the total cost of ownership for their customers.
As more Americans switch to EVs, cheaper fueling costs have become top-of-mind for drivers, particularly while charging at home where 80% of EV charging occurs according to U.S. Department of Energy estimates. At the same time, the nation's power grids have come under increasing strain due to electricity demand from data centers and the intermittent nature of renewables.
To meet these needs, ChargeScape's technology wirelessly connects to electric vehicles and, working with participating utilities, manages the flow of electrons in line with real-time grid conditions, temporarily reducing demand when the grid is constrained through smart charging (V1G) and even sending energy back into the power grid when needed (V2G). EV drivers have the potential to be rewarded financially for their flexibility and always have their vehicle charged by the time they specify.
ChargeScape builds off of the early success of these automakers' work on smart charging through the Open Vehicle-Grid Integration Platform (OVGIP), which counts multi-state utilities such as Duke Energy, Xcel Energy and Eversource Energy as clients.
Board Names Two Key Leadership Appointments
Following the official launch of the joint venture, BMW, Ford and Honda announced the appointment of ChargeScape's first CEO, Joseph Vellone.
Bringing 15 years of experience in the energy and climate sectors, Vellone was most recently part of the founding team at software start-up ev.energy, where he launched and grew the company's North America business to include over a dozen utilities and 150,000 EVs.
"Joseph's leadership and track record operating cleantech start-ups is precisely what we need to make ChargeScape a success," said current ChargeScape Board Chairman Shaun Bugbee of BMW.
Before joining ev.energy, Vellone worked as a management consultant at the Boston Consulting Group (BCG), where he was part of the firm's energy and environment practice. He is a graduate of Princeton University and the London School of Economics. While in high school, his student research on hydrogen fuel cells was recognized with honors from Congress and the White House.
"The U.S. has set ambitious targets for renewable energy deployment and EV adoption, and ChargeScape is here to bridge that gap between supply and demand of electricity," said Vellone. "We want to transform EVs from a liability into an asset for the power grid and help deliver a clean transportation future for our country."
Newly appointed ChargeScape Chief Technology Officer (CTO) Kalidindi Raju has over 15 years of experience leading high-performing technology organizations and is a recognized leader in cloud architecture, artificial intelligence, machine learning, analytics, data engineering and product development. He previously held senior leadership positions at Amazon, OATI and other technology companies.
Raju holds a Master of Business Administration from Texas A&M International and a bachelor's degree in computer science and engineering from the National Institute of Technology, Rourkela (India).
"Although the vehicle-grid integration market is expected to be highly competitive, our partnerships with the world's largest automakers gives us a significant edge. With direct access to the vehicles, we enable utilities to optimize EV charging securely and reliably," said Raju. "We plan to fully leverage this key advantage."
mick
3 months ago
September 18 2024 - 8:30AM
PR Newswire (US)
Alert
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New Tech Firm Formed by Automakers to Help Manage Flow of Data, Energy Between EVs and Power Grid
NEW YORK, Sept. 18, 2024 /PRNewswire/ -- BMW, Ford and Honda have begun operations of the new joint venture that they announced last year and have appointed the first CEO and CTO. ChargeScape is a software platform that integrates electric vehicles (EVs) into the power grid, shoring up grid stability while saving drivers money on their charging.
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