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

Article by Christian A., 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

If you liked the article, share on:

Pin It

Comments

Recommended

It’s quite safe to say that this generation marks the rise of the electric cars. For the past few years, automakers have been very busy trying to find the perfect...
by - March 28, 2017
Want to go for a sportier look, but don’t have enough cash to burn? Good news for future Ford Edge buyers, as the 2018 model year will have an optional...
by - March 28, 2017
Audi refreshes its portfolio as its go-faster division officially announces the release of six new RS models by the end of 2018. That’s quite a huge number of cars to...
by - March 28, 2017
Has Toyota started the production of a new electric supercharger? Well, a patent that was recently published indicated that they might have. And this electric supercharger looks more durable and...
by - March 27, 2017
The Tesla Model S has finally arrived in South Korean soil and is now available for test drive. But, there’s a catch. You’ll have to wait several months if you...
by - March 27, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries