CODA Automotive, Inc., a Santa Monica, CA-based electric car and battery company, announced the first close of a Series C preferred investment round totaling $25m.
The funds will be used to support the 2010 California market entry of its all-electric car and transportation battery manufacturing joint venture.
In details, the capital will be allocated for final safety certification testing and scale up production of CODA’s battery systems at its joint venture battery manufacturing facility.
Commenting on the financing, Kevin Czinger, president and CEO of the company, said: “This additional investment positions CODA Automotive to execute upon its commitment to deliver the first affordable, all-electric sedan to U.S. consumers in 2010”.
To date, CODA has raised $74m.
Its investors in previous rounds include:
– Miles Rubin, CODA founder and co-chairman, Angeleno Group;
– Piper Jaffray, a Minnesota-based investment bank;
– Steven “Mac” Heller, CODA co-chairman;
– Kevin Czinger, CODA president and CEO;
– John Bryson, former chairman and CEO of Edison International and CODA board member;
– Thomas “Mack” McLarty, former Chief of Staff for President William J. Clinton;
– Henry M. Paulson, Jr., former U.S. Secretary of the Treasury under President George W. Bush;
– Thomas F. Steyer, Farallon Capital Management founder and co-managing partner.