California-based Coda raises $58 million to build electric-vehicles

Coda Electric-Car

California-based designer and manufacturer of battery systems and electric-cars, announced today that it closed a $58 million Series C investment round, increasing total invested capital to more than $125 million.

Investors include Aeris CAPITAL (a private Swiss investment office), EDB Investments (a firm from Singapore) and Countyline LLC (a company owned by the Chairman and CEO of Limited Brands). Existing investors Thomas F. Steyer, Mac Heller, Miles Rubin, John Bryson and Angeleno Group also participated.

“Funding will be used to support the market entry of CODA’s all-electric sedan and to commercialize production of CODA’s transportation and utility application lithium-ion battery systems within Lio Energy Systems, CODA’s battery system manufacturing joint venture with Lishen Power Battery,” Coda said in a statement. “The joint venture has entered into cooperation agreements with Bank of Tianjin Joint-Stock Co. for up to $327 million of long-term credit, in addition to receiving a $100 million equity capital commitment from CODA and Lishen, for an aggregate capital commitment of up to $427 million to the joint venture.”

Coda also said that it will set up an office in Singapore to serve as the design and engineering center for the development of Coda electric-cars for right-hand drive markets.

On a full charge, the Coda electric-car can travel up to 120 miles, while going from 0-60 mph in under 11 seconds. Charge time takes 6 hours from 220V.

Coda Electric-Car:

– By: Kap Shah