Brisbane-based RedEarth Energy Storage has partnered with German firm Ambibox to develop a bi-directional charger that enables vehicle-to-grid (V2G) technology.

Current V2G chargers are priced around $10,000, but the new generation produced by RedEarth and Ambibox is expected to be significantly cheaper, potentially around $5,000.

These chargers will allow electric vehicle (EV) owners to either charge their vehicles or discharge power back to their homes or the grid, effectively transforming EVs into private power plants.

Charles Walker, CEO of RedEarth, emphasized that this technology optimally benefits both EV owners and homeowners by providing them with energy assets.

According to a study by Energeia for the Australian Renewable Energy Agency, electric vehicle owners could potentially earn up to $12,000 annually by returning power to the grid.

The three-phase version of the EV charger is scheduled for release in the second quarter of 2025, with a single-phase version expected by the fourth quarter of the same year.

The bi-directional charger will be manufactured at RedEarth's Darra factory and is designed for homes using three-phase power, with plans for a single-phase version to follow.

The Ambibox chargers are compatible with most EVs sold in Australia and have been tested with several major brands, including Ford, VW, and Tesla.

This announcement follows the recent agreement on new standards for V2G charging equipment by Federal Energy Minister Chris Bowen, aimed at enhancing the electricity system's storage capabilities.

A $7.7 million project by Amber Electric will further explore vehicle-to-grid technology next year, alongside a study by CSIRO to assess electric cars powering homes.

A 2022 study suggested that by the early 2030s, battery capacity from EV fleets could exceed all other storage options in Australia, including major projects like Snowy 2.0.

The V2G technology is generating excitement across the EV market, grid operators, and energy utilities, presenting opportunities for cost savings and enhanced battery storage capabilities.