By Andrew Williams •
July 29, 2009
Santa Monica, California-based EV start-up Coda Automotive has raised a cool $24 Million to support the development and 2010 California market entry of its all-electric sedan and funding of its battery manufacturing joint venture.
The funds came after a successful bid under the Series B Investment Round, backed by a team including former U.S. Treasury Secretary Henry M. Paulson, Jr. & Farallon Capital Founder Thomas F. Steyer.
In a press release Kevin Czinger, president and CEO, Coda Automotive said, “Coda’s ability to raise capital under challenging market conditions and the caliber of our investors attest to the strength of our business model (video) and the opportunity that exists in the electric car and battery sectors.”
Pawcatuck, CT - Connecticut based Yardney Technical Products, Inc. - who supplied NASA with batteries for the Mars Exploration Rovers (an all-electric vehicle, operating under the most challenging conditions imaginable) - and California-based Coda Automotive announced on Monday, June 8 that the two companies have entered into a joint venture (Coda Battery Systems LLC). Coda Battery Systems LLC will design, manufacture and sell automotive grade lithium-ion battery power systems in the United States.
On May 19, Coda Battery Systems LLC submitted a proposal for funding to the Department of Energy under the stimulus grant program. The funding would be used to build a manufacturing facility in Enfield, CT, which expects to employ 600 U.S. workers in manufacturing positions.
At noon today, nascent auto-maker CODA announced a new electric car available in California in fall 2010. The fully electric sedan will have a range of 90-100 miles on a fully-charged battery.
Speaking during a webinar, the company also formally announced a global joint venture between CODA and battery manufacturer Lishen Battery Co., located in Tianjin, China. Lishen is one of the world’s largest manufacturers of lithium-ion cells for companies like Apple, Motorola, Samsung, and Vodafone. CODA will maintain a 40% stake in the partnership.
