Here are two indisputable facts:
  1. Writers for Forbes magazine have been known to seriously disparage electric vehicles.
  2. Coda Holdings, the company behind the soon-to-arrive-but-also-seriously-delayed all-electric Coda Sedan, has had its share of problems getting the car to market.
Thus, it is with some scratching of the noggin that we present to you the news that Forbes has named Coda "One of America's Most Promising Companies." Forbes has put together a list of 100 companies that it says have, "compelling business models, strong management teams, notable customers, strategic partners and precious investment capital." And, even with the setbacks, Coda has started production, raised money and hired more people, so perhaps Forbes is seeing something others can't.

Coda is understandably happy about the selection – in a statement, Coda CEO Phil Murtaugh said the company is "honored" and "excited for this recognition." The full list is littered with software companies; Coda is the only car company represented and it came in 95th. The other transportation-related companies that made the list are Propel Fuels (#42), Sapphire Energy (#97) and ALTe (#98). For the record, Forbe's number one best awesomest Most Promising Company is Smashburger.
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CODA Holdings Named One of America's Most Promising Companies by Forbes Magazine

LOS ANGELES, Dec. 12, 2011 /PRNewswire/ -- CODA Holdings, a leading developer of all-electric vehicles and advanced battery systems, today announced it is one of Forbes Magazines' America's Most Promising Companies list.

"We're honored to be recognized by Forbes and be in the company of up-and-coming private companies that are doing great things," said Phil Murtaugh, CEO, CODA Holdings. "As a clean energy technology company with a class-leading range EV that is just entering the market, we're excited for this recognition. Our three business arms offer a closed-loop approach for fossil fuel independence as we look forward to accelerating the adoption of zero emission EVs and the growth of renewable energy generation through our storage solutions."

CODA's development of its cost-effective, clean energy battery systems, its flagship zero emission vehicle – the CODA 2012 sedan – and its visionary leadership team, landed the company in the venerable list prior to the sale of its vehicles or CODA Energy storage systems. CODA employed 118 people in 2010 and currently is the fastest-growing company in Los Angeles, with a 275 percent job increase year to-date and an expected 300 percent growth by the end of 2011. The company recently announced it has started production of the zero emission all-electric CODA five passenger sedan.

Forbes' list of America's Most Promising Companies features 100 privately held up-and-comers with compelling business models, strong management teams, notable customers, strategic partners and precious investment capital.

"Sizing up younger, privately held companies is hard: Their fortunes can change very quickly and there's a dearth of public data," says Forbes Executive Editor Brett Nelson. "We took a more comprehensive approach to evaluate their health and potential."

To sharpen its search, Forbes teamed up with CB Insights, a Manhattan-based data firm that tracks investment in high-growth private companies. With $650,000 in grants from the National Science Foundation, CB has developed complex software called Mosaic that mines myriad online sources (from press releases and social networks to job boards and court filings) to come up with one, algorithmically derived score that measures a private company's health. Forbes married Mosaic's data-crunching with old-fashioned reporting to assemble a list of rising stars with bright growth prospects. To view the complete the list, please visit www.forbes.com/ampc.

About CODA Holdings

Headquartered in Los Angeles, CODA Holdings is a leading developer of advanced Lithium-ion power battery systems comprised of three key business lines: CODA Automotive, CODA EV Propulsion Systems and CODA Energy. Together with its JV partners, CODA is working to reduce dependence on oil and leading the way to a cleaner future through its electric vehicles and stationary energy storage products. The first consumer product available will be a zero emission four-door, five-passenger EV sedan with a full-size trunk that is designed to meet American drivers' daily transportation needs. For more information on the CODA sedan, visit www.codaautomotive.com.

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