CODA Raises More Capital for EV Production
SANTA MONICA, CA - CODA Holdings, a developer of lithium-ion advanced battery systems and all-electric vehicles, announced the initial closing of a Series D preferred investment round totaling $76 million. This brings the company's total invested capital to more than $200 million.
The funding will be used to prepare for production of the company's all-electric CODA Sedan and to support the company's 2011 sales and marketing efforts. The investment will also fund additional equity investment in the company's joint-venture battery production facility where CODA will manufacture its multi-purpose lithium-ion power battery systems for automotive and utility applications.
New investors Harbinger Capital Partners and Riverstone Holdings LLC both led the round, and Morgan Stanley acted as CODA's investment advisor and placement agent for this round.
"The caliber of our investors speaks volumes about our business model and the opportunity that exists within the electric vehicle and battery industry," said Steven "Mac" Heller, CODA's interim CEO and co-chairman.
In addition to producing electric vehicles, CODA is a global manufacturer of transportation and utility power storage battery systems through its joint-venture with Lishen Power Battery, LIO Energy Systems.
CODA's debut vehicle, the CODA Sedan, is a four-door, five-passenger all-electric car.