Monday, January 23, 2012

CODA Takes On Energy Storage

Los Angeles-based electric vehicle developer CODA Holdings is branching out from the electric vehicle business, saying Friday that it has created CODA Energy, a new business arm taking its advanced battery systems and applying it to energy storage for the electrical grid. CODA said the new unit will leverage its electric vehicle battery technology for energy storage applications for utility providers. The firm called the move a "strategic progression" to its business. CODA has a joint venture with Chinese battery manufacturer Lishen, which will be providing a large scale supply of batteries to the new division. CODA is hoping to get a chunk of a developing market for utility energy storage systems, to help smooth the delivery of alternative energy like solar power and wind. Both solar power and wind power are unpredictable, and energy storage systems are being eyed by utilities to better cope with varying production by those systems.