As Coda Automotive continues its long march toward eventual production of its new EV sedan a year from now, one of things it will need is cash. Plenty of it. The company has beefed up its cash position with the closing of a Series B funding round that adds $24 million to its coffers. Heading up the list of investors are some familiar names – but not necessarily ones that we often associate with the car business. Joining Coda executives and board members Miles Rubin, Steven Heller and Kevin Czinger are newcomers Thomas "Mack" McLarty and Henry Paulsen. Paulsen may best be remembered as the last Treasury Secretary under George W. Bush who led the drive for a nearly trillion dollar bailout of the financial services business last fall. McLarty was the White Chief of Staff under Bill Clinton. Also joining the investor group is investment bank Piper Jaffray and venture capital fund Angeleno Group. The full press release is after the jump.
Photos Copyright ©2009 Mike Levine
[Source: Coda Automotive]
Coda Automotive Raises $24 Million in Series B Investment Round
Former U.S. Treasury Secretary Henry M. Paulson, Jr. & Farallon Capital Founder Thomas F. Steyer Invest in Coda
Santa Monica, Calif., July 28, 2009 – California-based electric car and battery company, Coda Automotive, announced today the close of a Series B investment round totaling $24 million. The capital will be used to support the development and 2010 California market entry of its all-electric sedan and funding of its battery manufacturing joint venture.
The Series B investment round held its final close in early summer 2009. Investors include: the two Series A round investors, Miles Rubin, Coda founder and co-chairman, and Angeleno Group, Southern California's largest cleantech-focused venture firm; Piper Jaffray, a Minnesota-based investment bank; Steven "Mac" Heller, Coda co-chairman; Kevin Czinger, Coda president and chief executive officer; John Bryson, former chairman and chief executive officer of Edison International and Coda board member; Thomas "Mack" McLarty, former Chief of Staff for President William J. Clinton; Henry M. Paulson, Jr., former U.S. Secretary of the Treasury under President George W. Bush; and, Thomas F. Steyer, Farallon Capital Management founder and co-managing partner.
"Coda's ability to raise capital under challenging market conditions and the caliber of our investors attest to the strength of our business model and the opportunity that exists in the electric car and battery sectors," said Kevin Czinger, president and CEO, Coda Automotive. "Avoiding the problems that plague large manufacturers, we've developed a flexible structure that allows us to move rapidly to market and be profitable even while selling a relatively small number of vehicles per month. Consequently, we're on-track to deliver the first quality, accessible all-electric sedan to consumers next year."
Mr. Paulson served as U.S. Secretary of the Treasury and led the U.S.-China Strategic and Economic Dialogue. Through his leadership of a number of conservation organizations he has been a strong advocate for conservation in the U.S. and in China and for immediate serious action to decrease the effects of climate change. Prior to serving as Treasury Secretary, Mr. Paulson led Goldman Sachs as chairman and chief executive officer.
Mr. Steyer founded Farallon Capital and has been its managing partner and chief investment officer since its inception in 1986. He also serves as a member of the Board of Trustees of Stanford University and was a lead founding donor supporting the creation of Stanford's Precourt Energy Institute, which focuses on transforming the way mankind uses energy. He is also a managing director of Hellman & Friedman, a San Francisco private equity firm.
About Coda Automotive: Headquartered in Santa Monica, Calif., Coda Automotive is a manufacturer and distributor of all-electric cars and transportation battery systems. Launched in June 2009, the company designs, brands, markets and distributes electric vehicles utilizing a manufacturing partnership strategy which allows Coda Automotive to develop vehicles rapidly in a flexible manner – avoiding the traditionally capital-intensive nature of the automobile business. Coda Automotive's first vehicle, the Coda sedan, will be delivered in 2010.