Tuesday, March 30, 2010

CODA Automotive Gets $394M For Battery Systems

Santa Monica-based CODA Automotive announced Tuesday afternoon that it has scored $394M in funding for the firm's electric battery efforts. According to CODA, $100M in equity funding comes from joint venture partner Lishen Power Battery, with another $294M in a line of credit from the Bank of Tianjin Joint-Stock Co., Ltd. CODA said the funding will go towards commercialization and volume production of the firm's battery joint venture, and specifically to go towards mass manufacturing of its transportation and utility power storage battery systems. Lishen Power Battery is a manufacturer of lithium ion battery cells, and supplies such firms as Apple, Motorola, Samsung and Vodafone.