Irvine-based Rivian Automotive Inc. announced a partnership Tuesday with ChargeScape, a smart-charging platform designed to lower electricity costs and reduce strain on the power grid.
Under the deal, Rivian’s high-capacity EV batteries can also serve as flexible energy resources for local grids during periods of peak demand. ChargeScape is backed by major automakers such as Ford Motor Co., Honda Motor Co. and Nissan Motor Co.
“This is a significant step forward in aligning automakers around a common platform and charging standard,” Chief Executive Joseph Vellone said in a statement. “Rivian’s partnership with ChargeScape will bring some of the largest batteries on the road onto an industry-owned, shared infrastructure.”
Rivian shares were down 5.2% to $15.81 apiece during midday trading with a market cap of $21 billion (Nasdaq: RIVN).
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