Monrovia energy storage company Coda Energy on Wednesday named veteran technology executive Paul Detering as the company’s first chief executive following its emergence from bankruptcy in 2013.
Detering has led several clean technology and communications companies. Most recently, he was managing director of Redwood Insights, a consulting firm focused on early stage and midsize companies and funds in the renewable-energy sector.
Coda launched as an electric car manufacturer and battery storage device maker in Santa Monica in 2009. In 2011, the company moved to the Mid-City section of Los Angeles after receiving $832,000 in incentives from the city. After many delays, Coda finally started selling its electric car in a Century City showroom in early 2012. But the car received harsh reviews and only about 200 were sold. Coda filed for Chapter 11 bankruptcy protection in April 2012.
Coda Energy, the battery storage division, was the only unit of Coda to emerge from bankruptcy in June 2013. It was purchased by New York hedge fund giant Fortress Investment Group and a wealthy European investor. It has since been refining its battery storage technology and has signed contracts to deliver 4.6 megawatt hours of battery storage to a variety of manufacturing, retail and public-sector customers.
The company has had two chief operating officers in the last two years, but, until Wednesday’s announcement, no chief executive.
“Coda Energy is thrilled to welcome Paul to its leadership team,” said Peter Nortman, the firm’s chief technology and chief operating officer. “Paul’s deep knowledge of the renewable energy space and proven expertise in driving growth for early-stage companies complement the strength of our product, enabling Coda Energy to achieve our next critical stage of development.”
Detering said he intends to continue improving the firm’s battery storage technology and expand its customer base.
“Coda Energy has one of the most comprehensive, competitive energy storage solutions available in the market today,” Detering said. “I’m excited by the opportunity to keep that progress going and to ensure Coda’s leadership in the rapidly evolving world of energy infrastructure.”
