CODA Holdings raises $76M from Series D initial closing to fund electric car

Article by Christian Andrei, on January 10, 2011

CODA Holdings has announced the initial closing of a Series D preferred investment round amounting to $76 million, bringing its total invested capital to over $200 million.

A leading developer of Lithium-ion advanced battery systems and all-electric vehicles, CODA Holdings will use the funding to prepare for start of production of its flagship all-electric vehicle, the CODA Sedan, as well as to back the company's 2011 sales and marketing efforts.

This investment will also be used for additional equity investment in CODA’s joint venture battery production facility where CODA will make its multi-purpose Lithium-ion power battery systems for automotive and utility applications.

In this round, new investors Harbinger Capital Partners and Riverstone Holdings LLC both led.

And Morgan Stanley acted as CODA's exclusive investment advisor and placement agent. The existing investors who participated in the offering include: Miles Rubin, CODA's Founder and Co-Chairman; Steven "Mac" Heller, CODA's Interim CEO and Co-Chairman, former Goldman Sachs Worldwide Head of Mergers & Acquisitions and Co-Head of the Investment Banking Division; AERIS Capital, the lead investor in CODA's Series C Round; and Angeleno Group, CODA's founding venture backers. Getting a seat each on CODA's Board of Directors are Harbinger and Riverstone.

Topics: electric car

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