Coda officially files for bankruptcy, shifts focus to energy storage

Filed under: EV/Plug-in, Coda Automotive

Anyone who had Coda Automotive in your office pool for the next electric vehicle maker to declare bankruptcy, go on and collect your winnings. Coda announced today it will restructure as an energy storage business after voluntarily filing Chapter 11 bankruptcy in the District of Delaware. The automaker said it expects the sale process to last 45 days.

The writing has been on the wall for a long while now, with store closings and layoffs following low sales of the startup’s all-electric Sedan. The official restructuring also makes a sort of sense, since Coda’s plan for at least the last 15 months has been to offer an energy storage business called Coda Energy. In today’s press release announcing the bankruptcy, Coda says:

Coda Energy’s products are based on the same core technology, which includes its proprietary battery management and thermal management systems, found in CODA’s vehicles adapted for stationary energy storage applications. The Company designs and builds scalable, custom energy storage solutions optimized for generation, distribution and behind-the-meter applications for commercial, residential and industrial end users. The Company is currently shipping product, and has a robust pipeline of new customers and existing installations in the field.

So, Coda is dead. Long live the Coda?

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Coda officially files for bankruptcy, shifts focus to energy storage originally appeared on Autoblog Green on Wed, 01 May 2013 10:16:00 EST. Please see our terms for use of feeds.

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