Coda Raises $76 Million in Investment Round

Coda Holdings has closed on a fourth round of investment funding with an additional infusion of $76 million. The new investment brings the total invested in the company to over $200 million.

Investors say that the new money will help start the manufacturing of the company's all-electric car, a sedan bearing the company name.

The money will also be used to fund sales and marketing programs in the current year.

In addition, the money will provide equity for a plant to make Lithium-ion batteries for cars and other applications.

New investors, Harbinger Capital Partners (News - Alert) and Riverstone Holdings LLC, led the investment round, according to a Riverstone statement.

Existing investors who took part in the round included: Miles Rubin, Coda’s founder and co-chairman; Steven "Mac" Heller, Coda’s interim CEO and co-chairman, and a former Goldman Sachs Worldwide head of Mergers & Acquisitions and co-head of the Investment Banking Division; Aeris (News - Alert) Capital (which was the lead investor in CODA's Series C Round); and Angeleno Group, Coda's founding venture backers.

Harbinger and Riverstone will each have a representative on Coda’s Board of Directors.

Morgan Stanley was Coda's advisor and agent for the fourth investment round.

"The caliber of our investors speaks volumes about our business model and the opportunity that exists within the electric vehicle and battery industry," Heller said in a press release. "I strongly believe that when one thinks about the opportunities presented by the global power battery industry, the global electric vehicle industry and Coda's proven ability to partner with leading companies in both China and the United States, one has to believe that what we are doing today at Coda is [creating] one of the most exciting businesses in the world. The consummation of this Series D funding and the backing of Harbinger and Riverstone represents a strong validation of this view."