As Coda Automotive moves toward the first deliveries of its battery-powered sedan later this year, it will continue to need cash to fund development and production. A new cash infusion this week will help keep things moving along. Coda closed a Series C investment round that pumped another $25 million into its accounts.
That brings the total investment in the electric vehicle startup to $74 million through three rounds. The Coda sedan will be built in China and use a lithium ion battery for a range of about 100 miles. Coda plans to sell the car for about $40,000 before incentives. Initially the Coda sedan will only be available in California and the company is targeting sales of about 20,000 units a year. The press release is after the jump.
[Source: Coda Automotive]
CODA Automotive Raises $25 Million in Series C First Close
Funding will support market entry of all-electric car and battery manufacturing joint venture
SANTA MONICA, Calif., Jan. 6- Highlighting the viability of its industry technology and attractiveness of its business model, California-based electric car and battery company, CODA Automotive, announced today the first close of a Series C preferred investment round totaling $25 million. Funding will be used to support the 2010 California market entry of CODA's all-electric car and CODA's battery manufacturing joint venture. Specifically, this funding will be allocated for final safety certification testing and scale up production of CODA's purpose-built, automotive-grade battery systems at its joint venture battery manufacturing facility.
"This additional investment positions CODA Automotive to execute upon its commitment to deliver the first affordable, all-electric sedan to U.S. consumers in 2010," said Kevin Czinger, president and CEO, CODA Automotive.
To date, CODA has raised $74 million in its series A, B and first close series C funding rounds. CODA investors in previous fundraising rounds include: Miles Rubin, CODA founder and co-chairman; 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 CEO; John Bryson, former chairman and CEO 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.
About CODA Automotive: Headquartered in Santa Monica, Calif., CODA is working to reduce dependence on oil and leading the way to a cleaner future by building 100% electric cars and transportation battery systems. CODA is working in a smart, inter-dependent way with a number of leading global technology and manufacturing companies to quickly and efficiently bring electric drive technology to market and jump start the electric car movement. Through its exclusive transportation and electric utility storage battery joint venture with Lishen Power Battery, CODA is also a leading designer and large-scale manufacturer of power battery systems. The American engineered, globally built CODA electric car will be available to consumers in 2010.