The new company, aptly named Coda Energy, will specialize in designing battery systems that may be used for on-site power supply as well as a backup power source in the event of a grid outage. Coda has an existing business partnership with its car-battery supplier, Lishen, which also makes lithium-ion batteries for companies such as Apple and Samsung.
Coda, which sells the battery-electric five-seater Coda Sedan, is looking to take advantage of an energy-storage market that it says will jump by a factor of 100 over the next decade and will generate $122 billion in revenue during that time. The company, which opened its Los Angeles headquarters in November, said last September that it raised $147 million in its fourth round of financing to bring its total to more than $300 million since the company's 2009 founding. Coda sells its 150-mile-range Sedan for $39,900 and said earlier this month that it would offer a version with a slightly shorter single-charge range for $2,650 less.
Proponents of electric vehicles are keeping an eye on the secondary-battery market because much of an EV's cost and residual value is tied to how much its battery costs to produce and how much it can be sold for when it can no longer be used in the car.
Coda is not the only EV maker looking into the so-called secondary battery market. Nissan last week reached an agreement with ABB, the world's biggest maker of power-transmission equipment, to test used lithium-ion electric-vehicle batteries, such as those in the Nissan Leaf battery-electric vehicle, for possible energy storage uses for utility companies and community power sources. The partnership is looking to develop a 50 kilowatt-hour battery-storage prototype that would be able to power 15 homes for two hours. GM is also looking at ways to re-use Chevrolet Volt batteries.
California-Based Clean Technology Company Leverages Electric Vehicle Battery Technology for Global Storage Demands
LOS ANGELES, Jan. 20, 2012 /PRNewswire/ -- CODA Holdings, a leading developer of advanced battery systems and all-electric vehicles, today announces the debut of CODA Energy. The new business arm provides scalable, flexible and reliable battery storage systems to support a more sustainable electrical grid.
"The launch of CODA Energy represents a strategic progression of our business," said Phil Murtaugh, CEO of CODA Holdings. "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."
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(1). CODA's energy storage system (ESS) is positioned to seamlessly address the rapid growth and increased demand for safe, tested and reliable energy storage solutions. CODA Energy offers battery systems for generation, distribution and behind-the-meter applications for a myriad of commercial and industrial needs, as well as for microgrids, the security sector, the transportation sector and EV-fleet management.
"We launched CODA Energy to develop scalable energy solutions that support a smarter, greener grid," said Ed Solar, senior vice president, CODA Energy. "As demand for energy continues to increase, it's imperative that we're able to capture, store and dispatch natural resources. CODA Energy's battery technologies are engineered to provide safe, robust and cost-effective solutions for today and tomorrow."
CODA's ESS offers:
Innovative Design: Integral to CODA's battery storage technology is its modular design, which features vertical energy towers operating in concert, but managed independently. CODA Energy's modular configuration promotes cost efficiency and enables continuous operation – even when performing maintenance - making the system an ideal choice for demanding environments.
Power to Scale: CODA's existing joint venture with battery manufacturer Lishen – supplier to Apple, Samsung, CODA Automotive and other major companies – supports cost-effective large scale supply. CODA shares proprietary innovation, research and development, and manufacturing intelligence among its automotive and stationary energy storage divisions, and passes that value onto the customer.
Scalable Storage Solutions: CODA's modular design tailors storage solutions to customers' energy storage needs today, while allowing for seamless growth to meet future demand tomorrow. Due to the CODA DC source controller's ability to scale, customers don't need to buy more than needed, resulting in smaller footprints for smaller installations.
Using the Li-ion battery system already developed and tested by CODA, coupled with its battery management system (BMS) and active thermal management system, the CODA Energy ESS offers cost-effective, dependable and scalable purpose-built storage applications. For more information on CODA Energy and its ESS can be found at www.codaenergy.com.
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.
(1)"Global Energy Storage Capacity to Multiply 100-fold by 2021," Pike Research. November 11, 2011.