Published on July 7th, 2013 | by Zachary Shahan1
CODA Automotive Now CODA Energy
I wrote about CODA Automotive’s bankruptcy filing and refocus on energy storage solutions back in May. A more recent and fleshed out update is as follows (via EV Obsession):
CODA Automotive was never a rockstar of the electric vehicle industry… even with surfers gawking at it. So, when it filed for bankruptcy, not a lot of people took notice.
But CODA may have found a better niche for itself. It is now CODA Energy and is switching to a sole focus on energy storage solutions. No one gets a lot of attention in that sector, so maybe this is a better fit for CODA in more ways than one.
“A consortium of investors led by global investment management firm Fortress Investment Group (NYSE: FIG) has acquired the core technology, engineering and energy storage assets of CODA Holdings, Inc., as well as its key contracts and partnerships, to form the foundation of a new company that will carry over the brand name CODA Energy,” a press release stated.
“CODA Energy designs and builds scalable energy storage solutions that support a smarter, cleaner and more reliable grid. Ed Solar and Pete Nortman will co-manage the company…. CODA’s energy storage system (ESS) combines advanced batteries into modular towers or building blocks – The CODA Core™ – with proven battery and thermal management systems (BMS and TMS), all managed through a sophisticated 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.”
No more this:
A full announcement from CODA Energy on the change follows:
Download image CODA Energy Logo. (PRNewsFoto/CODA Energy) LOS ANGELES, June 25, 2013 /PRNewswire/ – A consortium of investors led by global investment management firm Fortress Investment Group (NYSE: FIG) has acquired the core technology, engineering…