Coda Holdings, a US-based electric vehicle and battery system developer backed by Asian corporations, has entered bankruptcy as part of a sale process and plan to focus on stationary energy storage.

Alternative investments firm Fortress Investment Group through an affiliate is leading a consortium of lenders intending to provide debtor-in-possession financing to enable Coda’s energy storage business to remain fully operational during the restructuring process and that it would be the “stalking horse bidder in the sale process to acquire…

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