Santa Monica, California-based EV start-up Coda Automotive has raised a cool $24 Million to support the development and 2010 California market entry of its all-electric sedan and funding of its battery manufacturing joint venture.
The funds came after a successful bid under the Series B Investment Round, backed by a team including former U.S. Treasury Secretary Henry M. Paulson, Jr. & Farallon Capital Founder Thomas F. Steyer.
In a press release Kevin Czinger, president and CEO, Coda Automotive said, “Coda’s ability to raise capital under challenging market conditions and the caliber of our investors attest to the strength of our business model (video) and the opportunity that exists in the electric car and battery sectors.”
Other backers under the Series B Investment round include:
- Miles Rubin, Coda founder and co-chairman;
- Angeleno Group, Southern California’s largest cleantech-focused venture firm;
- Piper Jaffray, a Minnesota-based investment bank;
- Steven “Mac” Heller, Coda co-chairman;
- Kevin Czinger, Coda president and chief executive officer;
- John Bryson, former chairman and chief executive officer of Edison International and Coda board member;
- Thomas “Mack” McLarty, former Chief of Staff for President Clinton.
Since its launch in June 2009, Coda Automotive has adopted a novel manufacturing partnership strategy allowing it to develop vehicles rapidly in a flexible manner – avoiding the traditionally capital-intensive nature of the automobile business.
Keen to emphasise the advantages of the approach Czinger said, “Avoiding the problems that plague large manufacturers, we’ve developed a flexible structure that allows us to move rapidly to market and be profitable even while selling a relatively small number of vehicles per month. Consequently, we’re on-track to deliver the first quality, accessible all-electric sedan to consumers next year.”
Image Credit – Wikimedia Commons