Japan's Nissan to invest in auto tech firm ChargeScape (updated)

ChargePoint Holdings

07/10/2024 14:41

(Adds details and background throughout)
       Oct 7 (Reuters) - Japan's Nissan Motor  7201.T  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  BMWG.DE , Ford  F.N  and
Honda  7267.T .
    ChargeScape, which provides software and technology to
optimize EV battery charging, competes in a tight market that is
dominated by Tesla  TSLA.O  and has seen newer entrants such as
ChargePoint  CHPT.N , Gridserve and BP Pulse  BP.L .
    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)
 ((Nathan.Gomes@thomsonreuters.com))