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

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Nikola Motor’s hydrogen-powered semi-trailer truck is highly appealing with its many advancements but don’t expect it to arrive in the near future. In November 2016, Toyota announced the possibility of...
by - December 5, 2016
Usually, it is up to resourceful spy photographers to take clear pictures of vehicle prototypes, especially those that have aroused a lot of interest. The same is true for Project...
by - December 5, 2016
The much-anticipated debut of the new Wrangler will surely happen. As it approaches, we’ve gathered all the latest information released so far. Of course, most are expecting that the next...
by - December 5, 2016
Nissan has announced the pricing for its new commercial pickup line. So for those who have been waiting for Nissan’s official price list (plus a little more info), read on… ...
by - December 5, 2016
Sorry folks, the AMG-fied Mercedes-Benz X-Class will remain in the fantasy world. According to some news, the AMG big boss has finally spoken up about why an AMG X-Class is...
by - December 5, 2016
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