CODA Company announced today that it is focusing its business strategy on the growing energy storage market. CODA plans to implement the restructuring of its business through a voluntary filing under Chapter 11 of the U.S. Bankruptcy Code. The voluntary petition was filed today in the District of Delaware. This process is intended to enable the Company to complete a sale, confirm a Plan and emerge from bankruptcy in a stronger position to execute its new business plan. The Company expects the sale process to take 45 days to complete.
The Company has filed a motion with the bankruptcy court for approval of the consortium, or its designee, as the stalking horse bidder in the sale process to acquire the Company post-bankruptcy. In addition, the Company will seek to monetize value of its existing automotive business assets.
CODA diversified its business and formed CODA Energy two years ago. CODA Energy’s products are based on the same core technology, which includes its proprietary battery management and thermal management systems, found in CODA’s vehicles adapted for stationary energy storage applications.
The Company designs and builds scalable, custom energy storage solutions optimized for generation, distribution and behind-the-meter applications for commercial, residential and industrial end users. The Company is currently shipping product, and has a robust pipeline of new customers and existing installations in the field.