Honda Motor Co. Ltd. and General Motors Co. are teaming up to determine whether electric cars can be used to generate electricity for smart grids, the Nikkei Asian Review reported May 20.

The joint research project, which will be conducted under the Mobility Open Blockchain Initiative, will create ways to enable information exchange between electric vehicles and power grids using blockchain technology, according to the report.

The Honda-General Motors project, scheduled to begin in May, is expected to give electric-vehicle owners an opportunity to earn commissions by storing power in car batteries and exchanging it with smart grids that use renewable energy, the Nikkei said.

The potential partnership also builds on Honda and General Motors' existing collaborations in battery development for electric cars, as well as self-driving vehicles.

General Motors did not immediately respond to S&P Global Market Intelligence's request for comment.