Coda Makes Plans for Battery Plant in Ohio, Pending Federal Loan Approval

New York Times

Coda Automotive, a California-based electric car company with plans to introduce a sedan late this year, said Tuesday it will build a lithium-ion battery plant in Ohio if it can gain approval of an as-yet unsubmitted Energy Department loan. That’s a big if.

Coda, which last year ended a similar bid for a battery plant in Connecticut after $38 million in federal funding fell through, may have a better chance this time. Last weekend, the Commerce Secretary, Gary Locke, toured Coda’s joint-venture battery plant in Tianjin, China, commenting, “International green technology partnerships can produce rapid job growth back home and deliver energy solutions abroad, and Coda’s venture proves it.” Coda has also recently closed on a $58 million funding round, signaling some financial stability. But there are many contenders for the Energy Department loan money.

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Coda Makes Plans for Battery Plant in Ohio, Pending Federal Loan Approval »