Wednesday, May 19, 2010

CODA Raises $58M In Series C Funding

Santa Monica-based electric car manufacturer CODA announced this morning that it has raised another $58M in funding, as part of a Series C investment round. According to the firm, the round was led by Aeris Capital, and also included EDB Investmentes (EDBI); Countyline LLC, owned by Tony Pritzker and J.B. Pritzker; and Lex Wexner, Chairman and CEO of Limited Brands. The firm also said that Thomas F. Steyer, Mac Heller, Miles Rubin, John Bryson and Angeleno Group also participated in the funding round. The new funding brings the company's total raised to more than $125M. CODA said the new funding will go to support market entry of its sedan, and commercialize production of its lithium-ion battery systems within Lio Energy Systems, the firm's joint venture with Lishan Power Battery Systems. As part of the funding, CODA said it will open an office in Singapore, to serve as a design and engineering center for right-hand drive markets. More information »