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.