Santa Monica, California-based, Coda Automotive announced that it raised $25 million in series C funding.
In 3Q10, the company wants to begin selling in the US small electric sedans built primarily in China.
Funding will be used to support the 2010 California market entry as well as a battery manufacturing joint venture with Lishen Power Battery of China. Specifically, this funding will be allocated for final safety certification testing and to scale up production of battery systems.
"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," said Kevin Czinger, president and CEO, Coda Automotive.
To date, Coda has raised $74 million in its series A, B and first close series C funding rounds. Coda investors in previous fundraising rounds include: Miles Rubin, Coda founder and co-chairman; Angeleno Group; Piper Jaffray; 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; and Thomas F. Steyer, Farallon Capital Management founder and co-managing partner.
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