With energy and fuel prices rising, Swedish car manufacturer Volvo has unveiled a new electric vehicle capable of powering a home.

The company demonstrated its fully electric SUV to the world in Stockholm.

Thanks to bidirectional charging hardware, the EX90 essentially acts as an energy source or bank, allowing electricity to be stored in the battery, which can later be fed back to the owner's home, other electrical devices, or another Volvo electric vehicle.

Experts believe the new vehicle has entered the market at the right time.

“Electric vehicles are currently very popular in Europe, arguably more so than anywhere else in the world... especially in the segment where Volvo is planning to produce the EX90, there is a strong shift towards electric vehicles,” said Douglas A. Bolduc, managing editor of Automotive News Europe.