Californian electric vehicle (EV) firm Coda Automotive has raised USD24m in a Series B funding round. Besides Angeleno Group and Piper Jaffray, the round included a number of individual investors, including former chief of staff for President Bill Clinton, Thomas McLarty, former US treasury secretary Henry Paulson, Coda founder Miles Rubin and Coda CEO Kevin Czinger. Paulson will serve as an advisor to the firm.
Coda plans to launch a four-door EV next year and reach a production capacity of 20,000 units by 2011. The saloon car will initially use lithium-ion batteries produced under a joint venture with China-based Tianjin Lishen Battery. Coda plans to sell the car for USD45,000, not including federal and state incentives.
?We look forward to the valuable guidance Henry Paulson will provide as we continue to work closely with our partners on battery system technology and quality manufacturing" says Czinger. "Over the course of a distinguished business and political career, Mr Paulson has developed both deep, personal relationships in China and unique insights into the country and its people.?
In June, Coda formed a joint venture with Yardney Technical Products to produce lithium-ion batteries. The company, called Coda Battery Systems, is applying for funding from the US Department of Energy to aid development of a manufacturing facility in Connecticut.
StrategyEye's related companies: Angeleno Group (AG), Piper Jaffray & Co.
