Ford Motor Company: EDF Framework Agreement Marks First Big Win for Ford Energy

Research evidence excerpt

Ford Motor Company: EDF Framework Agreement Marks First Big Win for Ford Energy

Update

May 18, 2026 01:57 PM GMT

Morgan Stanley & Co. LLCMFord Motor Company | North America Andrew S Percoco

Equity Analyst

EDF Framework Agreement Andrew.Percoco@morganstanley.comDavid Arcaro, CFA +1 212 296-4322

David.Arcaro@morganstanley.com +1 212 761-1817

Marks First Big Win for Ford Daniela M Haigian

Daniela.Haigian@morganstanley.com +1 212 761-6071

Energy Jahvonte G Bain

Research Associate

Jahvonte.Bain@morganstanley.com +1 212 761-9231

What happened? Today Ford Energy announced an agreement with EDF to deliver

Katherine A Bennorth

up to 4 GWh per year to support grid-scale renewable integration and grid resilience Research Associate

across North America. The 5-year framework agreement positions Ford Energy as a Katie.A.Bennorth@morganstanley.com +1 212 761-3753

Jeremy Herring

key BESS supplier for EDF power, with deliveries expected to begin in 2028 and Research Associate

representing a total potential volume of up to 20 GWh over the term of the Jeremy.Herring@morganstanley.com +1 212 761-4182

agreement. Ford Motor Company (F.N, F UN)

Our Take: We published last week a proprietary analysis on the potential for Ford Autos & Shared Mobility | United States of America

Stock Rating Equal-weight

Energy to generate an incremental ~$600mn of EBIT annually, helping offset losses

Industry View In-Line

in its Model e business, and that we expected Ford to start announcing large Price target $14.00

Shr price, close (May 15, 2026) $13.40

commercial agreements this year. Today's announcement reinforces Ford’s Mkt cap, curr (mm) $54,551

positioning as a domestic supplier of BESS. We would believe this is the first of 52-Week Range $14.94-9.89