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Yardney Technical Products Inc., a Connecticut-based maker of advanced battery systems for government and military agencies, has entered into a joint venture with a new California-based electric car company to design and manufacture advanced lithium-ion battery systems for automobiles.
The joint venture with California electric car maker Coda Automotive, dubbed Coda Battery Systems LLC, is expected to also yield a new manufacturing facility in Enfield, Conn. and possibly generate 600 jobs in the region. The tandem has applied for funding for the new plant under the Department of Energy’s federal stimulus grant program.
Financial details of the venture were not released.
Coda Automotive was launched earlier this year with the aim of developing a four-door, five-passenger, fully-equipped mid-size, all-electric sedan, scheduled for release in the fall of 2010. Coda Automotive has already established a relationship with China-based Tianjin Lishen Battery Co. for the car’s battery system, but officials said the company’s new sedan’s would integrate the products of Coda Battery Systems “as soon as the new U.S. facility is brought on-line.” Tianjin Lishen Battery Co. is expected to participate in the Coda-Yardney joint venture.
Based in Pawcatuck, Conn., Yardney has been providing batteries to the U.S. military and associated agencies since 1944. The company began its development of lithium-ion products in 1998, when it built units for use on the planned NASA Mars lander.
Yardney president Vince Yevoli said the new joint venture is a “major strategic step” for the company, as it has gradually developed products for the electric car market over the past few years.
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