CODA Raises $25 Million in Series C First Close

06 January, 2010 02:07:00

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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.

Headquartered in Santa Monica, Calif., CODA Automotive is an all-electric car and battery company. The company was launched in June as an offshoot of Miles Electric Vehicles, which makes neighborhood electric vehicles for fleets.

Through its exclusive transportation battery joint venture with Lishen Power Battery, China's main state-owned battery manufacturer, CODA is also a leading designer and large-scale manufacturer of power battery systems.

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