CODA Holdings Celebrates Global Headquarters Grand Opening Ceremonies with California Governor Jerry Brown and Los Angeles Mayor Antonio Villaraigosa

LOS ANGELES, Nov. 10, 2011 /PRNewswire/ -- CODA Holdings, a leading developer of all-electric vehicles and advanced battery systems, today held the grand opening celebration of its 100,000 square foot global headquarters, R&D Division and Processing Center in the heart of Los Angeles.  In addition, the City has named the road adjoining CODA's headquarters "Electric Drive" to honor CODA's core technology.

(Photo: http://photos.prnewswire.com/prnh/20111110/LA04909)

"We chose to place the global headquarters in Los Angeles not only because it is one of the most significant early markets for the deployment of electric vehicles, but because elected officials and business leaders have demonstrated their commitment to fostering a successful local cleantech industry," said Phil Murtaugh, CEO, CODA Holdings. "We are excited about the many jobs we've already created for the area and look forward to many more as we expand and bring to market our all-electric sedan and energy storage products."

In addition to CODA’s Executive Chairman, Mac Heller and CEO, Phil Murtaugh, Governor Jerry Brown, Mayor Antonio Villaraigosa, Congresswoman Karen Bass (D-47), Los Angeles City Council President Eric Garcetti, Councilman Herb Wesson and California Air Resources Board Chairman Mary Nichols were on hand to mark the occasion. Assemblywoman Betsy Butler (D-50), and representatives for Senators Barbara Boxer (D-CA), Dianne Feinstein (D-CA) and State Senator Curren Price (D-26) were in attendance.

"Dynamic innovation is a key building block of California's 21st century economy," said Governor Brown. "Car companies like CODA are investing in California because our laws encourage electric cars and recognize the paramount importance of reducing oil dependency."

CODA is currently the fastest-growing company in Los Angeles, with a 275% job increase year to date and an expected 300% growth by the end of this year.

With 220 engineers, technicians and corporate staff at its global headquarters, CODA is located on South Fairfax Avenue, adjacent to Interstate 10. Over the next year, CODA anticipates adding an additional 100 employees at the location, growing to 650 in the following years. The company supports further jobs at a facility in Benicia, CA where its vehicles undergo final assembly.

“We are proud to welcome CODA to Los Angeles -- the city that creates and innovates,” said Mayor Villaraigosa. “We see CODA's move as a boost to our growing clean technology industry in LA and we are thrilled they chose to locate in our City.”

"In working across district lines, it is abundantly clear there is a unified effort to make California an epicenter of the global electrification movement," said Forrest Beanum, Vice President of Government Relations and External Communications, CODA Holdings. "It is through the city, state and national commitments to the growth of the cleantech industry that CODA is able to flourish."

In addition to its headquarters, CODA's presence in the LA-area includes the CODA Experience Center at the Westfield Century City in Santa Monica where potential buyers can learn more about the CODA, EV vehicles, take a test drive and reserve vehicles.

The company's flagship product – the 2012 CODA – is an all-electric vehicle with a range of up to 150 miles per charge. CODA is readying to launch the vehicle, and will exhibit it at next week's Los Angeles International Auto Show.

About the CODA sedan:

The CODA is the first all-electric five-passenger, mid-size sedan with full rear seating and trunk space that meets American drivers' daily transportation needs without an ounce of gasoline:

Best in Class Real, Useful Driving Range: 36kWh battery pack and an air-cooled Active Thermal Management system enables a fully charged CODA to go up to 150 miles, almost five times the average daily commute.*

Fast and Easy Recharging: A 6.6kW onboard charger enables recharging at twice the speed as the leading competitor:  4 hours for 100 mile charge, 2 hours for 50 miles.

Accelerates up to 85 mph with ease: The CODA features 134 horsepower and 221 lb-ft of torque and a regenerative braking system.

About CODA Holdings:

Headquartered in Los Angeles, California, CODA Holdings is a leading developer of advanced Lithium-ion power battery systems comprised of three key business lines: CODA Automotive, CODA EV Propulsion Systems and CODA Energy. Together with its JV partners, CODA is working to reduce dependence on oil and leading the way to a cleaner future through its electric vehicles and stationary energy storage products. The first consumer product available will be a zero emission four-door, five-passenger EV sedan with a full-size trunk that is designed to meet American drivers' daily transportation needs. For more information on the CODA sedan, visit www.codaautomotive.com.

*Actual range and vehicle performance will vary depending on personal driving and charging style, speed, conditions, weather and cargo load.

SOURCE CODA Holdings