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Battery and Electric Car Developer Coda Raises $76 Million
Coda Automotive, the electric car and battery developer has raised a fourth round of $76 million, led Harbinger Capital Partners and Riverstone Holdings. Previous investors Aeris Capital and Angeleno Group also participated in the new round of financing.
The company said it will use the funds to start the production of its all-electric flagship product, the Coda Sedan, and to support its sales and marketing efforts. The company anticipates that it can deliver more than 14,000 vehicles to customers in California by the end of 2011.
"The caliber of our investors speaks volumes about our business model and the opportunity that exists within the electric vehicle and battery industry," said interim CEO Steven "Mac" Heller. "I strongly believe that when one thinks about the opportunities presented by the global power battery industry, the global electric vehicle industry and CODA's proven ability to partner with leading companies in both China and the United States, one has to believe that what we are doing today at CODA is one of the most exciting businesses in the world. The consummation of this Series D funding and the backing of Harbinger and Riverstone represents a strong validation of this view."
The Coda sedan is being built in China, and the company is considering several sites in Ohio for the production of its batteries. The final choice of manufacturing facility depends upon the approval and receipt of a Department of Energy (DOE) Advanced Technology Vehicles Manufacturing (ATVM) loan.
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