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CODA Holdings launches CODA Energy for grid storage business; “strategic progression” of business

20 January 2012

CODA Holdings, a developer of advanced battery systems and all-electric vehicles (the CODA sedan), has created CODA Energy, a new business arm targeting stationary grid storage systems.

The launch of CODA Energy represents a strategic progression of our business. CODA believes that renewable energy combined with enhanced grid efficiency provides the key to ending global reliance on fossil fuels. By rounding out our portfolio with highly configurable energy storage solutions, CODA is ready to support the growing energy storage market.

—Phil Murtaugh, CEO of CODA Holdings

Worldwide installations of energy storage capacity are expected to increase from 121 megawatts (MW) in 2011 to 12,353 MW in 2021, with an estimated $122 billion in potential deployments over the next 10 years, according to Pike Research.

CODA’s modular battery Energy Storage System (ESS) technology features vertical energy towers operating in concert, but managed independently. CODA says its modular configuration promotes cost efficiency and enables continuous operation, even when performing maintenance.

CODA’s existing joint venture with China-based battery manufacturer Lishen supports cost-effective large-scale supply, the company notes.

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