The World's #1 Renewable Energy Network for News, Information, and Companies.

Bankrupt Electric Vehicle Maker Coda Becomes Energy Storage Firm

Coda Holdings, which formerly made electric vehicles under the name Coda Automotive, sold its battery energy storage technology to a consortium of investors to form Coda Energy, which will design and build utility-scale energy storage solutions. Coda declared bankruptcy in May 2013.

Coda declared bankruptcy in May 2013. It's purchasers were led by Fortress Investment Group, a global investment management firm. The group bought Coda Holdings' assets, key contracts and partnerships in a Section 363 sale that closed on June 21.

Coda’s energy storage system combines advanced batteries into modular towers or building blocks — The Coda Core — with battery and thermal management systems (BMS and TMS), all managed through a power source controller. The systems are optimized for generation, distribution and behind-the-meter applications for commercial & industrial end users, and can be adapted for utility, community and residential applications.

In San Diego, a community-scale Coda energy storage system is helping an apartment complex reduce peak electricity consumption and use the excess solar power it generates during the day at night. In San Francisco, two InterContinental hotels use Coda energy storage systems to reduce peak electricity consumption and associated demand charges.

According to Lux Research, the global energy storage market will grow nine-fold to $10.4 billion by 2017. NavigantResearch predicts the ancillary services market for energy storage will surpass $3.8 billion by 2023. Several factors contribute to this expected growth including the rapid emergence of grid-scale and distributed intermittent energy sources such as wind and solar power.

This article was originally published on Electric Light & Power and was republished with permission.

Lead image: Time for change via Shutterstock

RELATED ARTICLES

Battery Second Use Offsets Electric Vehicle Expenses, Improves Grid Stability

Anya Breitenbach, NREL Plug-in electric vehicles (PEVs) have the potential to dramatically drive down consumption of carbon-based fuels and reduce greenhouse gas emissions, but the relatively high price of these vehicles — due in large part to th...
Electric vehicles

Innovating Today for the Homes of Tomorrow

David Glickson, NREL Shaping our energy future into one that is efficient, reliable, affordable, and sustainable is a significant undertaking. Much of this effort is focused around the energy industry, utilities, and power grids—which can seem ...
Clean planet

Renewable Energy Responsible for First Ever Carbon Emissions Stabilization

Vince Font, Contributing Editor Carbon emissions in 2014 remained at the previous year’s levels of 32.3 billion metric tons — a milestone that points to the impact worldwide renewable energy investment is having in the face of a 1.5 percent annual increas...
Coal plant

Duke Energy Building Utility-Grade Energy Storage System at Retired Coal Plant

Andrew Burger, Correspondent At the forefront of a rapidly evolving energy landscape, Duke Energy sees promise in using intelligent energy storage systems to enhance the efficiency, stability and resilience of U.S. electricity grids. The nation's large...
Jeff Postelwait is online editor for the website shared by POWERGRID International and Electric Light & Power magazines and is the editor of electronic newsletters for the following coverage areas: advanced metering infrastructure, transmission an...

CURRENT MAGAZINE ISSUE

Volume 18, Issue 3
1505REW_C11

STAY CONNECTED

To register for our free
e-Newsletters, subscribe today:

SOCIAL ACTIVITY

Tweet the Editors! @megcichon @jennrunyon

FEATURED PARTNERS



EVENTS

Outage Management for Power Plants

Building on this series’ success, the 14th Annual Outage Managemen...

SAP for Utilities

The SAP for Utilities conference is the most comprehensive SAP for Utili...

Applying Renewable Energy - Online Training

RENAC Online offers a selection of courses on a wide variety of renewabl...

COMPANY BLOGS

PACE Loans Offer a Third Solar Financing Option

In the solar financing world, there are usually two options: third part...

How to Reduce Soft Costs With a Critical Path Map

For solar installers, soft costs are a fact of life. However, they don&r...

Why do IPOs Matter in the Solar Industry?

In the solar industry, it’s become increasingly common to see the ...

NEWSLETTERS

Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now  

 

FEATURED PARTNERS