CODA Automotive Raises $76 Million

Posted Jan 12, 2011

CODA Automotive is a Santa Monica, California based electric car company that has raised $76 million in a new round of venture capital funding. Rumor has it that this round of funding was done while the company is in the middle of management problems. Harbinger Capital Partners and Riverstone Holdings LLC participated in this round of funding.

The company plans to fund their joint venture with Lishen Power Battery and LIO Energy Systems in this additional round. The joint venture will be responsible for building lithium-ion battery packs. The companies will be building a manufacturing plant in Ohio to produce 1.9 million kilowatt-hours of lithium ion cells every year.