Tuesday, July 28, 2009

Coda Automotive Raises $24M

Santa Monica-based Coda Automotive, the electrical vehicle firm developing hybrid and electric vehicles, has racked up $24M in a Series B investment round from a number of high profile investors, the firm said today. Coda said the funding round include clean technology investor Angeleno Group; Henry M. Paulson, the former U.S. Secretary of the Treasury; Thomas "Mack" McLarty, former Chief of Staff for President Bill Clinton; John Bryson, former Chairman and CEO of Edison International; Thomas F. Steyer, of Farallon Capital; and members of the firm's executive team. The firm said the new funding will go towards development and marketing of its all-electric sedan, as well as to fund its battery manufacturing joint venture. Coda Automotive was until recently known as Miles Electrical Vehicles. More information »