Electric vehicle company CODA Holdings raised an additional $76 million in Series D funding, bringing the company’s total invested capital to more than $200 million.
The vehicles, which will be imported from China, are scheduled to go on sale in 3Q11.
The funding will be used to prepare for start of production of the company’s flagship all-electric vehicle, the CODA Sedan, and to support the company’s 2011 sales and marketing efforts. The investment will also fund additional equity investment in the company’s joint venture battery production facility where CODA will manufacture its multi-purpose Lithium-ion power battery systems for automotive and utility applications.
New investors Harbinger Capital Partners and Riverstone Holdings LLC both led the round, and Morgan Stanley acted as CODA’s exclusive investment advisor and placement agent for this round.
In addition to producing electric vehicles, CODA is a manufacturer of transportation and utility power storage battery systems through its joint-venture with Lishen Power Battery, LIO Energy Systems. Lishen, the largest shareholder of which is China National Offshore Oil Corporation (CNOOC), is one of the world’s largest manufacturers of Lithium-ion cells.
CODA is considering several sites in Ohio for the construction of a power battery manufacturing facility that would also be built in a joint venture with Lishen. Construction of a facility is contingent upon the approval and receipt of a Department of Energy (DOE) Advanced Technology Vehicles Manufacturing (ATVM) loan.
CODA’s debut vehicle, the CODA Sedan, is a four-door, five-passenger all-electric car. It is priced at $44,900 before federal and state incentives–$32,400 after incentives. The vehicle is backed by a three-year/36,000 mile limited warranty and the battery system is backed by an eight-year/100,000 mile limited warranty. The car will be marketed initially to public and private fleet customers, as well as consumers in California with an expansion planned soon thereafter.
In November, Rental car company Hertz Corporation (NYSE: HTZ), announced a partnership to offer Coda’s vehicles for rent at California locations.