Ford Motor Co.'s new subsidiary business called Ford Energy is getting a new leader effective Aug. 31.
The Dearborn-based automaker said on Aug. 27 that Ford Energy's new president will be Dave Carroll, an executive from Houston-based global energy company ENGIE North America.
Carroll will replace Lisa Drake, who had assumed the role as president of Ford Energy in January. Drake will retire from the company at the end of the year after a 32-year career at Ford working in product development, powertrain engineering, purchasing, manufacturing operations, and the industrialization of Ford’s electric vehicle portfolio and battery business.
“Dave brings a rare, buy-side perspective on what utilities and other customers truly require as they build out
power infrastructure — exactly the skillset and insight Ford Energy needs as we move from launch to scale,” said Ford CEO Jim Farley.
What's Ford Energy?
Last December, Ford announced it would venture into the new business of making battery energy storage systems, called Ford Energy. The announcement was part of the nearly $20 billion overhaul of Ford's business model. Battery energy storage systems are large batteries, some as big as shipping containers, used by utility companies and data centers to store energy for use later to stabilize the power grid and to avoid blackouts.
On May 11, Ford formally introduced Ford Energy to the world. But the business is several months away from producing these new energy storage systems in Kentucky and the smaller ones that will be made in Marshall, Michigan, for residential customers. Ford Energy is expected to start making deliveries of the systems in late 2027.
Still, Wall Street loved the idea and as the Detroit Free Press reported in May, Ford's stock price surged when Morgan Stanley’s Andrew Percoco wrote that Ford Energy could generate a 25% gross margin and earnings before interest and taxes of $346 million by 2028 — a year after Ford Energy starts deliveries. A clear point of differentiation for Ford with regards to energy storage is it is licensing technology from CATL, which is the premier Energy Storage manufacturer globally."
CATL, a Chinese company, is one of the largest manufacturers of lithium-ion batteries for EVs and energy storage systems.
“Ford Energy combines world-class U.S. manufacturing, advanced battery technology and an American brand people trust," Farley added. "Under Dave’s leadership, we will scale this business into one of North America’s leading energy storage providers.”
Who is Dave Carroll?
At ENGIE North America, Carroll served as chief executive officer and chief renewables officer, Ford said in a statement. He spent more than six years growing the company's renewables' operating assets by more than 12 times, Ford said. Most recently, he was chair of the American Clean Power Association's board of directors and previously held senior leadership roles at power companies EDF Renewables and Avangrid Renewables.
Ford said Carroll, who reports to Ford Vice Chair John Lawler, will oversee Ford Energy’s end-to-end operations, including battery cell production, system assembly, commercial strategy and sales.
“I’ve spent my career developing, financing and operating energy assets," Carroll said in a statement. "I’m excited to join Ford because there’s no bigger opportunity in this market than building a category-defining energy business for one of America’s most iconic and important companies."
Drake will remain at Ford through Dec. 31 to help Carroll transition across Ford Energy’s manufacturing operations, customer commitments and supplier partnerships, Ford said.
Drake's contributions
Ford said her 32-year tenure at the company spanned traditional powertrains to advanced electric propulsion and grid-scale energy storage. She spent two decades working to deliver core vehicle programs including work on the F-150 and Super Duty pickups.
As chief engineer for global hybrid and battery electric vehicles, Drake helped architect Ford’s first generation of electrified vehicles, too. Later, she served as vice president of Ford's Global Purchasing, then chief operating officer of North America, and vice president of Technology Platform Programs and EV Systems.
In these roles, Drake led the multibillion-dollar industrialization of Ford’s domestic battery manufacturing footprint, the company said in a statement, and she established key global battery joint ventures as well as critical supply chains, much of which enabled Ford to compete in the emerging energy storage business.
“Throughout her three decades with Ford, Lisa exemplified the very best of our leadership," Farley said in a statement. "She’s incredibly capable and always ran toward the hardest problems. I’ve had the privilege of working closely with Lisa for many years, and always admired her leadership, courage and drive for results. She’s earned this next chapter and leaves the company better than she found it."
Jamie L. LaReau is the senior autos writer for USA TODAY Co. who covers Ford Motor Co. for the Detroit Free Press. Contact Jamie at jlareau@freepress.com. Follow her on Twitter @jlareauan. To sign up for our autos newsletter. Become a subscriber.
This article originally appeared on Detroit Free Press: New president named to lead Ford Energy has a power company background
