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

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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 and distribution, GIS/mobile computing, renewable energy and vegetation management as well as the flagship weekly e-newsletter. He joined PennWell Corp. in 2008 as the online editor for Power Engineering magazine after a career of writing and editing in the print news media. At Power Engineering, Jeff posted news stories, composed newsletters and wrote features on electricity generation. Follow Jeff on Twitter at @jpostelwait

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