CODA Automotive, Inc., a Santa Monica, California-based designer and manufacturer of battery systems and electric cars, closed a $58m Series C financing.
Early in January the company announced that it had rasied $25m as a part of the same Series C funding. According to a press release, the round, initially capped at $50m, was increased to accommodate strong investor demand.
It was led by Aeris CAPITAL, a private Swiss investment office, with participation from new investors EDB Investments (EDBI), an investment firm headquartered in Singapore, Countyline LLC, an investment entity owned by Tony Pritzker and J.B. Pritzker, and Les Wexner, Chairman and CEO of Limited Brands.
Existing investors Thomas F. Steyer, Mac Heller, Miles Rubin, John Bryson and Angeleno Group also participated.
This latest investment brings the total amount the company has raised to date to more than $125m.
The new funds will be used to support the market entry of CODA’s all-electric sedan and to commercialize production of transportation and utility application lithium-ion battery systems within Lio Energy Systems, CODA’s battery system manufacturing joint venture with Lishen Power Battery.
The joint venture has entered into cooperation agreements with Bank of Tianjin Joint-Stock Co. for up to $327m of long-term credit, in addition to receiving a $100m equity capital commitment from CODA and Lishen, for an aggregate capital commitment of up to $427m to the joint venture.
The company will also establish an office in Singapore to serve as the design and engineering center for the development and homologation of its electric vehicles for right-hand drive markets in Europe and Asia.
The new office will participate in CODA’s R&D efforts into vehicle-to-grid technology, a system in which electric vehicles communicate with the power grid to provide electricity during peak demand periods.