In 2013, we covered the bankruptcy of VC-backed EV maker Coda Energy and the plans of its new multibillion-dollar investment firm owner Fortress Investment Group, which sought to resurrect Coda as a grid battery systems provider. Despite some success in the behind-the-meter commercial and industrial energy storage market (and unfortunately coinciding with the holidays), Coda has entered Assignment for the Benefit of Creditors, according to its CEO, Paul Detering.
"Sadly, effective December 18th, CODA Energy has transferred its business operations to an assignee and placed the company into a General Assignment for the Benefit of Creditors (an “ABC”). The CODA Energy team achieved much in its short history and established a top three position in the California C&I behind-the-meter energy storage market. Unfortunately, CODA Energy was unable to secure further funding for its 2016 operations. Through the ABC Process, the assignee will seek to sell the assets and the ongoing operations of CODA Energy in an effort to assure a smooth transition for CODA Energy's customers, employees and partners."
Coda Energy had about 60 employees before a round of layoffs last month and had installed a fleet of approximately 60 commercial energy storage systems under California's SGIP initiative. "Coda has a fully equipped battery system manufacturing and integration facility in Monrovia, Calif., which among other assets will be marketed through the ABC process to interested parties," according to a release. Contact firstname.lastname@example.org "if you have a need for great talent or need more information."
GTM Research senior storage analyst Ravi Manghani notes, "Coda Energy couldn't secure financing to scale up and compete with the likes of Tesla, Stem and Green Charge Networks. Something not well understood in the industry is that the cost to acquire C&I customers is high, with sales cycles lasting a year or longer. So it is challenging to grow a pipeline without access to financing, when existing projects under development are not bringing in revenue."
Alexei Andreev is transitioning to the role of venture partner at publicly traded VC firm Harris & Harris. He is now co-founder and managing director at Autotech Ventures, a transportation-focused fund supported by Harris & Harris.
Foundation Capital, the Menlo Park, Calif.-based venture firm, has raised $325 million for its eighth fund, according to Venture Wire. Foundation has invested in Sunrun, Silver Spring Networks and EnerNOC. We profiled Foundation Partner Steve Vassallo in a recent GTM Squared article.
The American Council on Renewable Energy (ACORE) named Gregory Wetstone as CEO. Most recently, Wetstone oversaw government affairs as VP for Terra-Gen Power, a renewable energy developer with utility-scale assets. Prior to Terra-Gen, Wetstone was senior director for government and public affairs at the American Wind Energy Association.
Darryl Parker, formerly of Ultrasolar, is now VP of sales and marketing at Fort Collins, Colorado-based solar string optimizer startup Ampt. The startup raised $25 million in a round led by Bohemian Investments earlier this year.
Murray McCaig has replaced Mike Fister as CEO of Canadian microinverter aspirant Sparq Systems. McCaig is a managing partner at ArcTern Ventures, the lead investor in last year's $11 million funding round, not always a great sign.
Enertech Search Partners, an executive search firm with a dedicated cleantech practice, is the sponsor of the GTM jobs column.
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Sunrun, the second-largest solar installer in the U.S., opened a new corporate office in Denver, Colorado earlier this month and plans to hire up to 800 workers in the state over the next few years. SolarCity opened a new corporate office in Draper, Utah and expects to create "thousands of new jobs" in the state over the next decade, primarily in professional services.
From last week's column:
GTM covered the resignation of NRG Energy CEO David Crane from a post he’s held since 2003. GTM Senior Editor Stephen Lacey and VP Shayle Kann discussed the surprising move with Steve Propper, GTM’s director of grid research, on a recent episode of The Interchange podcast. Senior Writer Julia Pyper took an even deeper look in this article (reliable sources report that Crane himself had some good things to say about Pyper's coverage). COO Mauricio Gutierrez is replacing Crane as CEO.
Renewable Energy Trust Capital, an independent renewable energy capital platform, announced that current president and COO Karen Morgan has succeeded John Bohn as CEO. Bohn, a former CPUC commissioner, will remain as executive chairman.