Ford and Resideo Launch 'EV-Home Power Partnership' Project Driving Vehicle-to-Home Energy Management Benefits for Customers

Rhea-AI Summary

Ford and Resideo Technologies, Inc. (NYSE: REZI) have announced a joint simulation project to explore vehicle-to-home (V2H) energy management called the 'EV-Home Power Partnership.' The project aims to test and quantify the customer benefits of pairing bi-directional EV charging with a Resideo smart thermostat to potentially save money on monthly electric bills, reduce strain on the U.S. electric grid, and enable use of cleaner energy. This collaboration builds on Ford's Intelligent Backup Power technology and aims to explore new areas of value for customers who own an F-150 Lightning and a Resideo smart thermostat.

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• The collaboration between Ford and Resideo opens up new possibilities for electric vehicle (EV) owners to utilize their vehicles for home energy management, potentially leading to cost savings on electric bills and reducing strain on the electric grid.

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• Ford and Resideo are exploring new areas of value for customers who own an F-150 Lightning and a Resideo smart thermostat to help enable potential monthly electric bill savings, increased comfort and more efficient home energy use
  
  
• This first-of-its-kind collaboration between Ford and Resideo builds on Ford's Intelligent Backup Power technology to explore customer benefits never before possible with gas-powered vehicles through pairing a smart electric vehicle (EV) directly with smart home solutions
  
  
• The simulation project will explore how electric vehicles and homes can share the same EV battery energy source and smartly interact with each other for the benefit of the customer and the electric grid

DEARBORN, Mich. and SCOTTSDALE, Ariz., Dec. 7, 2023 /PRNewswire/ -- Today, Ford and Resideo Technologies, Inc. (NYSE: REZI) announced a joint simulation project to explore vehicle-to-home (V2H) energy management called the "EV-Home Power Partnership," designed to explore the potential of electric vehicle batteries to support optimal home energy management. The project will explore, test and quantify the customer benefits of pairing bi-directional EV charging with a Resideo smart thermostat to help customers potentially save money on monthly electric bills, reduce strain on the U.S. electric grid and enable use of cleaner energy, while helping ensure homeowner comfort.

Ford, the first in the U.S. to introduce a full-size electric truck capable of bi-directional charging for the home in North America, and Resideo, a global provider of solutions for home comfort, First Alert security and safety, and leading provider of residential load management programs for utilities, are exploring home energy management value for customers never before possible with internal combustion engine vehicles.

The F-150 Lightning already has the capability to power the home in the event of an outage through available Intelligent Backup Power. The EV Home Power Partnership project will simulate the integration of Resideo's smart thermostats with the energy stored in the battery on the F-150 Lightning, which can be smartly coordinated to help power the home's heating and cooling systems.

The project is designed to assess how coordination of bi-directional EV and a smart thermostat can reduce the overall energy needed by the home during times of electric grid stress while minimizing energy usage during the most expensive hours each day by automating the home to match a consumers' Time-of-Use (TOU) electricity rate. Additionally, it also will assess how the coordination between the battery and smart thermostat can enable a system to leverage cleaner energy from the grid if renewable energy is readily available.

"Driving electric is unlocking an entirely new world of personal energy management that could not only save our customers time and money, but also help support a more sustainable energy grid," said Bill Crider, head of global charging and energy services, Ford Motor Company. "Successful vehicle-to-home energy management solutions would give Ford EV drivers as well as utilities and power companies the confidence to accelerate future vehicle-to-grid services never-before thought possible with traditional vehicles."

Electric vehicle battery storage can play an integral role in helping stabilize the electric grid, allowing homeowners to remain comfortable during power outages or other energy events as well as save customers money by utilizing stored energy during peak demand, when energy costs tend to be higher. Together, Ford and Resideo are envisioning the possibilities when electric vehicles and homes can share the same energy source and can smartly interact with each other for the benefit of the customer and the electric grid.

"The two largest contributors to an individual's carbon-emission footprint are usually their car and the heating and cooling of their home," said Dana Huth, EVP and Chief Revenue Officer, Resideo. "With this EV Power Partnership project, we can discover new ways for F-150 Lightning owners to utilize their EV battery to power their home's heating and cooling and to help build a home energy management strategy that can optimize their home's comfort and energy use. By creating energy-efficient ecosystems between trusted global brands, our Resideo Grid Services team can help ensure a more resilient electric grid for the community, prepare it for more renewables and deliver energy savings for consumers."

Project work has begun and is expected to be completed in the first half of 2024.

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 EVs along with embedded software that defines always-on 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 is pursuing mobility solutions through Ford Next, and provides financial services through Ford Motor Credit Company.  Ford employs about 173,000 people worldwide.  More information about the company and its products and services is available at corporate.ford.com.

About Resideo
Resideo is a leading global manufacturer and developer of technology-driven products and components that provide critical comfort, energy management, and safety and security solutions to over 150 million homes globally. Resideo's trusted First Alert^® brand delivers safety and security solutions to consumers and professionals. With proven expertise for more than a century, the company's Honeywell Home smart thermostats help balance indoor air quality and offer energy savings. For more information about Resideo's smart solutions and services, visit Resideo.com.

About Resideo Grid Services
Resideo Grid Services is a leader in the energy aggregation market and offers peak demand reduction, automated and behavioral energy efficiency, and time-of-use energy rate cost optimization program management for utilities and energy retailers. Resideo either manages or participates in 256 U.S. utility demand management programs and participates directly in four wholesale energy markets. For more information about Resideo Grid Services, visit Resideo.com/us/en/pro/energy-management. 

Media Contacts:
Emma Bergg (Ford)
(313) 418-6590
ebergg@ford.com

Sarah Reckard (Resideo)
Sarah.Reckard@resideo.com

Forward Looking Statements of Resideo Technologies

This release contains "forward-looking statements" of Resideo.  All statements, other than statements of fact, that address activities, events or developments that Resideo or its management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Such statements involve known and unknown risks and uncertainties, which may cause the actual results or performance of Resideo to differ materially from such forward-looking statements. Such risks and uncertainties include, but are not limited to, the ability to successfully and timely complete the simulation project and other risks described in our Annual Report on Form10-K for the year ended December 31, 2022. Forward-looking statements are not guarantees of future performance, and actual results, developments, and business decisions may differ from those envisaged by our forward-looking statements. Except as required by law, we undertake no obligation to update such statements to reflect events or circumstances arising after the date of this press release and we caution investors not to place undue reliance on any such forward-looking statements.

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SOURCE Resideo

FAQ

What is the joint simulation project announced by Ford and Resideo Technologies, Inc.?

The joint simulation project announced by Ford and Resideo Technologies, Inc. is called the 'EV-Home Power Partnership.' It aims to explore vehicle-to-home (V2H) energy management by testing and quantifying the customer benefits of pairing bi-directional EV charging with a Resideo smart thermostat.

What are the potential benefits of the collaboration between Ford and Resideo?

The collaboration aims to explore new areas of value for customers who own an F-150 Lightning and a Resideo smart thermostat, potentially leading to monthly electric bill savings, increased comfort, and more efficient home energy use.

What is the expected completion timeline for the project?

The project work has begun and is expected to be completed in the first half of 2024.

How does the F-150 Lightning contribute to home energy management?

The F-150 Lightning has the capability to power the home in the event of an outage through available Intelligent Backup Power, and the project will simulate the integration of Resideo's smart thermostats with the energy stored in the battery on the F-150 Lightning.

What role can electric vehicle battery storage play in home energy management?

Electric vehicle battery storage can play an integral role in helping stabilize the electric grid, allowing homeowners to remain comfortable during power outages or other energy events as well as save customers money by utilizing stored energy during peak demand.