Bankrupt electric carmaker re-emerges as energy storage manufacturer

By Jeff Postelwait, Online Editor, Electric Light & Power/POWERGRID International

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'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. Navigant Research 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/POWERGRID International. It was republished with permission.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...