Duke Energy Corp. and Tokyo-based Itochu Corp. signed an agreement Tuesday to develop ways to reuse electric vehicle batteries.
For example, the companies will look at reusing the batteries to provide power to homes and as a fast-charging source for electric vehicles.
The companies plan to study data from at least 2,000 kilowatt hours lithium ion batteries. Initial testing will take place in Duke Energy’s Indiana service territory.
Duke, an electricity provider with about 18,680 employees, had revenues of $12.7 billion last year.