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USA: EV maker Coda Holdings launches energy-storage division

Coda Holdings, parent company of the Los Angeles-based electric-vehicle maker Coda Automotive, is launching a division specializing in energy storage as the company looks to cash in on what many believe will be a rapidly growing market for secondary use of electric-vehicle batteries.

The new company, aptly named Coda Energy, will specialize in designing battery systems that may be used for on-site power supply as well as a backup power source in the event of a grid outage. Coda has an existing business partnership with its car-battery supplier, Lishen, which also makes lithium-ion batteries for companies such as Apple and Samsung.

Coda, which sells the battery-electric five-seater Coda Sedan, is looking to take advantage of an energy-storage market that it says will jump by a factor of 100 over the next decade and will generate $122 billion in revenue during that time. The company, which opened its Los Angeles headquarters in November, said last September that it raised $147 million in its fourth round of financing to bring its total to more than $300 million since the company’s 2009 founding. Coda sells its 150-mile-range Sedan for $39,900 and said earlier this month that it would offer a version with a slightly shorter single-charge range for $2,650 less
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