California-based Coda has filed for a voluntary Chapter 11 bankruptcy.
The filing will enable the failed electric vehicle manufacturer - that sold just 100 sedans - to exit the automotive industry and refocus on energy storage systems. The company will then likely be sold to the Fortress Investment Group for approximately $25 (€18.9) million.
In a statement Coda Holdings CEO Phil Murtaugh said "After concluding a comprehensive review of our strategic options, the Board of Directors, management team and senior lending group have concluded that focusing on the Company’s energy storage business presents the best opportunity moving forward."
In the future Coda plans to focus on proprietary battery management and thermal management systems for stationary energy storage applications. They will be optimized for "generation, distribution and behind-the-meter applications for commercial, residential and industrial end users."