CODA Holdings develops and plans to sell all-electric sedans in the U.S. and also manufactures power storage systems for transportation and utilities via a joint venture with Chinese Lishen Power Battery called LIO Energy Systems. The company raised another $76 million in the reported round, bringing its total equity funding to about $200 million. CODA has said it hopes to open a battery and power-storage manufacturing facility in Ohio, though construction is contingent on approval and receipt of a DOE Advanced Technology Vehicles Manufacturing (ATVM) loan. The company won a commitment from Enterprise to purchase 100 vehicles in 2011 and to provide courtesy loaner transportation for early customers. CODA’s executives have stated a goal to go public. The company faces stiff competition from established automakers and other EV makers, including Nissan’s Leaf and Tesla’s planned Model S. CODA Automotive designs and manufactures lithium-ion battery systems and an all-electric sedan. The company is commercializing battery-system production through Lio Energy Systems, a joint venture with Lishen Power Battery. CODA plans to use new funds to support market entry of its all-electric sedan and to scale transportation and utility battery applications. The company will establish a Singapore office to serve as the design and engineering center for right-hand drive markets in Europe and Asia. CODA is also investing in R&D for vehicle-to-grid technology to allow EVs to communicate with the power grid. With this round, CODA has raised more than $125m to date. CODA Automotive is an all-electric car and transportation battery company based in Santa Monica, California. Its core product is an affordable, all-electric sedan and associated battery systems produced via a joint venture battery manufacturing facility. The company plans a California market entry in 2010 and is using new capital to support that launch. CODA announced a first close of a Series C preferred round totaling $25m, with proceeds earmarked for final safety certification testing and to scale up battery production at the JV facility. To date the company has raised $74m. Leadership highlighted that the investment positions CODA to deliver its first all-electric sedan to U.S. consumers in 2010.

Total raised

$159M

Funding rounds

3

Latest round

Equity

Latest activity

Jan 2011