Coda Completes $147 Million Financing RoundBy Danny King September 21, 2011
Coda Holdings, parent of the Los Angeles-based maker of the Coda battery-electric sedan scheduled to launch later this year, raised $147 million in its fourth round of financing. That brings its total to more than $300 million since the company's 2009 founding. Coda, which as of mid-August had raised about $117 million in its so-called Series D investment round, had planned to raise $125 million in the fourth round, which was oversubscribed, the company said in a statement Monday. Coda completed the initial $76 million phase of its fourth funding drive last December.
The electric car company, which also has units that build electric-drive control systems and lithium batteries, wrapped up its Series D funding round as it is making what it calls "final preparations" for the debut of its electric sedan. The Coda EV (above), which AutoObserver test-drove earlier this month, has an estimated starting price of $44,900 before any federal, state and local incentives (the price could be as low at $31,000 in some parts of the country with incentives). Coda has said that the Environmental Protection Agency (EPA) will rate the cars range at 110 miles on a full charge of its 36-kilowatt-hour lithium-ion battery pack versus 73 miles for Nissan's all-electric Leaf, which uses a 24-kilowatt-hour battery.
Coda CEO Phil Murtaugh, former head of General Motors' China division, said in a statement that the most recent funding effort was led by New World Strategic Investment Limited (NW-SI), which he called "a highly respected and established firm that has a strong history of supporting the clean tech industry in Asia." Other investors include Coda founder Miles Rubin, Harbinger Capital Partners and Riverstone Holdings, all of which were part of Coda's previous funding rounds. Murtaugh has said that the Coda EV will appeal to people with incomes in the $125,000-plus range who are interested in both new technologies and the environment, and who have room in their garages and lifestyles for a car that wont serve all needs because of its size and range limitations.