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Coda Holdings Raises $76 Million

By staff-author

January 6, 2011

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Coda Holdings said it has raised $76 million in a new round of financing that will support production of its all-electric sedan and help build a battery manufacturing facility.

The Santa Monica electric car and lithium-ion battery maker said the Series D financing round was led by two new New York investment firms, billionaire money manager Philip A. Falcone’s Harbinger Capital Partners and Riverstone Holdings LLC, an energy and power-focused private equity firm. Also participating were Coda founder Miles Rubin, interim Chief Executive Steven Heller, Aeris Capital and the Angeleno Group.

The round brings the total raised for the company, which plans to sell its first car in the third quarter, to $200 million. The car’s components will be made in China and assembled at a plant in Benecia in the San Francisco Bay Area.

“This announcement represents significant momentum for the company,” said spokesman K. Forrest Beanum. “We are squarely on target with our business trajectory and remain confident in our ability to deliver a safe and high-quality electric vehicle/advanced battery system to market later this year.”

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