Electric car developer Coda on Wednesday said it had closed a larger than initially planned investment round of $58 million, which will enable it to expand its battery systems business more quickly.
The Santa Monica company said the Series C round, initially capped at $50 million, was increased to accommodate strong investor demand. “The continued interest in the investment community is a testament to the strength of our business model and go-to-market strategy,” said Chief Executive Kevin Czinger.
The lead investor is private Swiss investment firm Aeris Capital, joined by new investors EDB Investments, a Singapore government-based investment firm, and Countyline LLC, an investment firm controlled by Los Angeles billionaire Anthony Pritzker and his brother J.B. Pritzker. Also participating for the first time is Les Wexner, chief executive of Columbus, Ohio apparel maker and retailer Limited Brands.
Existing investors Thomas F. Steyer, Mac Heller, Miles Rubin, John Bryson and Los Angeles-based Angeleno Group also participated in the round, which increased Coda’s total invested capital to more than $125 million.
The startup electric carmaker plans to open a final assembly plant in Los Angeles County to turn out an all-electric sedan as early as the end of the year. The chassis and most other parts will be assembled in a factory in Harbin, China.
The new money will be used to support the introduction of Coda’s all-electric sedan and to expand the number of production lines for its lithium-ion battery systems. The latter are being made through its Lio Energy Systems joint venture with Lishen Power Battery in Tianjian, China.
In line with the EDB investment, Coda now plans to establish an office in Singapore that will help it introduce electric vehicles for right-hand drive markets in Europe and Asia.
“While Coda remains focused on the U.S. introduction of our all-electric car this year, international markets, particularly in Asia and Europe, are important to the long term strategic positioning of our company,” Czinger said.
• Read an earlierLos Angeles Business Journal story about Coda.
