CODA Holdings Raises $76 Million in Series D Initial Closing
CODA Holdings, a developer of Lithium-ion advanced battery systems and all-electric vehicles, announced the initial closing of a Series D preferred investment round totaling $76 million, bringing the company’s total invested capital to more than $200 million. 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.
In addition to producing electric vehicles, CODA is a global 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.