CODA to Site Electric Car Battery Manufacturing Facility in Ohio Pending DOE Loan

SANTA MONICA, Calif., May 25 /PRNewswire/ -- CODA, a California-based electric car and battery company, announced today its plans to build an automotive-grade lithium ion battery system manufacturing facility in Ohio. CODA is considering several sites within Ohio for the facility, which could employ more than 1,000 skilled manufacturing workers initially. Construction of the facility is contingent upon finalizing an incentive package with the state of Ohio and the approval of an application for a Department of Energy (DOE) Advanced Technology Vehicles Manufacturing Loan (ATVM) to be submitted soon.

(Photo:  http://www.newscom.com/cgi-bin/prnh/20100525/LA10288)

"CODA's decision to open a facility in our state means that Ohio workers will help manufacture the cars of the 21st century," said Senator Sherrod Brown of Ohio. "Ohio is quickly becoming a national leader in clean energy component manufacturing for the auto industry. In Ohio, CODA will find a rich manufacturing heritage, skilled workforce and entrepreneurial spirit."

Lio Energy Systems, a joint venture between CODA and Lishen Power Battery, would operate the facility. Lio Energy Systems currently operates a one-million square foot facility in Tianjin, China with the production capacity to produce more than 20,000 battery packs per year. The proposed facility in Ohio would replicate this facility. CODA will be the majority and control shareholder of the U.S. venture. Over the weekend, U.S. Secretary of Commerce Gary Locke toured the facility during the Obama administration's first cabinet-level trade mission in China. "International green technology partnerships can produce rapid job growth back home and deliver energy solutions abroad, and CODA's venture proves it," Locke said.

"With the help of our global family of partners, CODA's innovative team in Santa Monica has not only produced a battery system capable of powering affordable electric vehicles today, but has created the next great American manufacturing opportunity," said Kevin Czinger, President and CEO, CODA. "CODA was thoroughly impressed with the organization, execution, commitment, sincerity and integrity of the team put together by the state of Ohio representing both the public and private sectors."

"The competition for this project between states was intense, and Ohio was not even under consideration by CODA at first. But when we learned about CODA's innovative product, we made the case for them to invest in Ohio because of our skilled workers, world-class manufacturing infrastructure and competitive business environment," said Governor Ted Strickland of Ohio. "I want to thank CODA, Senator Brown and all of our partners whose work was integral to making this project a reality. I believe that Ohio can lead the automotive industry into the 21st century, and together, we are committed to rebuilding our economy and creating good jobs for hard-working Ohioans." 

"Together with our public and private partners in Columbus, we worked to recruit CODA to the City of Columbus," said Mayor Michael B. Coleman. "CODA represents not only high quality employment opportunities and investment, but movement towards advancing our goals for a 21st century economy and a greener world. It also represents an opportunity for Columbus to be the epicenter of a new generation of electrification ecosystems. This project represents the type of innovation and jobs that we will aggressively pursue and continue to attract to the City of Columbus."

"While there are still many hurdles to pass before this project is finalized, CODA's selection of Columbus and Ohio is an important milestone that speaks volumes about our community and its public-private collaboration," said Alex Fischer, President & CEO, The Columbus Partnership. "This can be a transformational project for our community as we leverage clean manufacturing into the future."

"In addition to reducing our dependence on oil, the electrification movement will reconnect American innovation with manufacturing," said Steven "Mac" Heller, Co-Chairman, CODA. "We are hopeful that the federal government will recognize the potential this facility has with respect to strengthening the Ohio economy and ushering-in a new era of electric transportation that will create millions of sustainable jobs nationwide."

About CODA: Headquartered in Santa Monica, Calif., CODA™ is working to reduce dependence on oil and is leading the way to a cleaner future through advanced battery systems for its 100% electric cars, other electric vehicle manufacturers and utility applications such as wind power storage. CODA is working in a smart, interdependent way with more than 30 leading global technology and manufacturing companies across four continents to quickly and efficiently bring electric drive technology to market. Through its exclusive battery system joint venture with Lishen Power Battery, Lio Energy Systems™, CODA is also a large-scale producer of power battery systems for transportation and utility applications. CODA is slated to begin delivering its all-electric car in the fourth quarter of this year and anticipates that it can deliver more than 14,000 vehicles to customers by the end of 2011. The CODA sedan is a four-passenger, mid-size car with full rear seating and trunk space that is designed to meet American drivers' daily transportation needs without using an ounce of gasoline.

Contact:

K. Forrest Beanum

VP, Public Affairs & Communications, CODA Automotive

(310) 390-4890 Ext. 355

fbeanum@codaautomotive.com


Matt Sloustcher

Public Relations Manager, CODA Automotive

(310) 390-4890 Ext. 352

msloustcher@codaautomotive.com



SOURCE CODA



RELATED LINKS
http://www.codaautomotive.com/

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