Yardney & Coda Automotive Announce Plans to Build U.S.-Based Battery Production Facility

Lithium-Ion Battery Venture to Create New Manufacturing Jobs

PAWCATUCK, Conn., June 8 -- Connecticut-based Yardney Technical Products, Inc. and California-based Coda Automotive announced today that they have entered into a joint venture (Coda Battery Systems LLC) to design, manufacture and sell automotive grade, lithium-ion battery power systems in the United States. Coda Battery Systems LLC submitted a proposal under the stimulus grant program to the Department of Energy on May 19 for funding to build manufacturing at a facility in Enfield, CT. The Coda Battery facility expects to employ 600 U.S. workers in manufacturing positions.

Scheduled for delivery to the California market in the fall of 2010, the four-door, five-passenger, fully-equipped mid-size, all-electric Coda sedan will initially be sold with a battery system from a joint venture between Coda Automotive and Chinese-based Tianjin Lishen Battery Co., one of the largest suppliers of lithium-ion batteries in the world. Coda Battery Systems LLC will begin supplying the power battery system for the Coda sedan as soon as the new U.S. facility can be brought on-line. It is anticipated that Lishen, Coda's battery partner in China, will participate in the U.S. manufacturing joint venture.

"The partnership was a natural fit," said Kevin Czinger, President and CEO, Coda Automotive. "We are eager to apply our respective strengths to facilitate the rapid advancement of an electric vehicle industry built on the vast skills and traditions of U.S. workers. This Connecticut factory and the hundreds of new manufacturing jobs it will create are only the beginning of our long term plans."

Yardney has long been a leader in advanced battery systems, with a history of meeting difficult requirements for the U.S. military and other government agencies. Coda Automotive (developed under the stewardship of entrepreneur Miles Rubin who is known for his marketing and sales of low-speed, electric fleet vehicles under the Miles Electric Vehicles brand) is currently safety and durability testing its all-electric, zero emissions highway sedan for the mass market.

"This electric vehicle venture is a major strategic step for Yardney," said Vince Yevoli, President, Yardney. "We have been working on battery technology research specifically for hybrid and electric vehicle applications for years. This is the culmination of all that we have worked towards -- building the technology, experience, and reputation to be able to produce automotive grade lithium-ion power battery systems," Yevoli continued. "We look forward to many years of successful close partnership with the entire Coda team."

"The Connecticut Economic Development team has provided invaluable assistance on the Federal grant application," Yevoli noted. "Senator Dodd and Congressman Courtney are providing full support as always, and we look forward to bringing jobs to the State of CT."