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 |  Jan 21 2012, 1:00 PM

Coda Automotive, known for their upcoming sedan electric vehicle, has expanded their business by announcing a new venture called Coda Energy. The spinoff business unit will specialize in building stationary energy storage systems.

All the knowledge gained by Coda while designing and developing lithium-ion batteries for electric vehicles has lead them directly into the grid storage energy world, which has become quite common amongst battery manufacturers. Both A123 Systems and BYD have been known to design systems for both industries, helping to curb production costs while bringing scalability to their operations. Nissan and General Motors have also announced their intentions to repurpose used EV batteries for grid storage.

Coda Automotive is expected to have their sedan EV on the market sometime soon in California, offering a 150-mile range vehicle for under $40,000 and a 125-mile range vehicle for around $37,250 – both prices before a $7,500 federal tax credit and state incentives. Either way, we are continually impressed by the number of projects that are out there, to store energy.

[Source: CNet]