LOS ANGELES, June 25, 2013 /PRNewswire/ -- A consortium of investors led by global investment management firm Fortress Investment Group (NYSE: FIG) has acquired the core technology, engineering and energy storage assets of CODA Holdings, Inc., as well as its key contracts and partnerships, to form the foundation of a new company that will carry over the brand name CODA Energy. The assets were acquired from CODA Holdings' reorganization proceedings in a "Section 363" sale that closed on Friday.
CODA Energy designs and builds scalable energy storage solutions that support a smarter, cleaner and more reliable grid. Ed Solar and Pete Nortman will co-manage the company.
"CODA Energy will be laser-focused on engineering innovative products that help our end-users solve challenges in the field and realize a positive return on investment," said Solar and Nortman. "Our immediate priority is to ship products currently under contract and build strong relationships with strategic partners."
Flexible, Reliable and Safe
CODA's energy storage system (ESS) combines advanced batteries into modular towers or building blocks – The CODA Core™ – with proven battery and thermal management systems (BMS and TMS), all managed through a sophisticated 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.
CODA ESSs provide several benefits to end users in the field. In San Diego, a community-scale CODA ESS is helping an apartment complex reduce peak electricity consumption and utilize the excess solar power it generates during the day at night. In San Francisco, two InterContinental hotels use CODA ESSs to reduce peak electricity consumption and associated demand charges.
Grid Storage Market Poised for Growth
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.
Policymakers and regulators view energy storage as a transformational technology that will significantly bolster the grid. Earlier this month, The California Public Utilities Commission (CPUC) proposed a 1.325 GW energy storage procurement target for the state's three investor owned electric utilities. The proposed decision could rapidly accelerate the deployment of advanced energy storage in one of the world's largest electricity markets.
Experienced Energy Industry Management
Ed Solar has more than twenty years of experience in the energy industry and has led the energy storage division within CODA Holdings since September 2011. Previously, Ed held senior positions at Arcadian Networks, Cellnet, CES International and Indus International, and served as an officer in the United States Navy. He holds a B.S. in Applied Science from the United States Naval Academy.
Pete Nortman has designed innovative hardware and software systems for more than 20 years and is a recognized expert in high voltage battery systems and battery management technology. Pete led the Core Technology engineering team at CODA Holdings after the company he co-founded, EnergyCS, was acquired by CODA Holdings in September 2011. At EnergyCS, Pete and his team developed advanced battery systems for stationary and mobile applications, including five 1 MW containerized grid-tied systems and the first commercially available plug-in Toyota Prius conversion. Prior to EnergyCS, Pete led advanced battery and high voltage system integration technology teams at AeroVironment and U.S. Electricar. He holds M.S. and B.S. degrees in Electrical Engineering from California Polytechnic State University, San Luis Obispo.
About CODA Energy
CODA Energy designs and builds scalable energy storage solutions that support a smarter, cleaner and more reliable grid. The CODA Core™ combines advanced batteries with proven battery and thermal management systems (BMS and TMS), all managed through a sophisticated power source controller. CODA energy storage systems are optimized for generation, distribution and behind-the-meter applications for commercial and industrial end users. CODA Energy professionals have deployed a combined 140 MW and 50 MWh of energy storage in stationary and mobile applications throughout their careers.
Visit codaenergy.com for more information
Follow along on Twitter @codaenergy
SOURCE CODA Energy