It is rapidly emerging as an electric car manufacturer, but CODA Holdings clearly has more strings to its bow.
The developer of advanced battery systems and electric cars such as the CODA Sedan is now targeting stationary grid storage systems with its new business arm – CODA Energy.
According to Phil Murtagh, the CEO of CODA Holdings, the new business represents strategic progression. He hopes it will help the company round out its portfolio with renewable energy and grid efficiency, which are so important in ending global reliance on fossil fuels.
Pike Research has predicted that worldwide installations of energy storage capacity will increase from 121MW in 2011 to 12,353MW in 2021. This means there will be a potential $122billion in deployments over the next 10 years. CODA hopes to capitalise on this market with its Energy Storage System technology that includes vertical energy towers that can be managed independently. It also has an agreement in place with China’s battery manufacturer Lishen, which will support large scale supply.
