CODA Holdings, a developer of all-electric vehicles and advanced battery systems, announced the successful completion of its Series D preferred investment round, totaling $147 million.
Oversubscribed from a target of $125 million, CODA expanded the round to further develop its businesses.
This brings the company’s total funding raised to more than $300 million as it begins final preparations to launch its flagship five-passenger electric CODA sedan in the United States.
CODA had announced an initial closing of the D round in January totaling $76 million. The second tranche was led by New World Strategic Investment Limited. Joining New World were Indus Capital, Och-Ziff and high net worth individual investors.
In addition to supporting the launch of the CODA sedan, Series D proceeds will be used for the development of its breakthrough solutions in energy storage and in the development of its proprietary EV propulsion systems.
“I’m delighted that the second tranche was led by New World Strategic Investment Limited, a highly respected and established firm that has a strong history of supporting the clean tech industry in Asia,” said Phil Murtaugh, CEO of CODA Holdings. “I believe that CODA Holdings is at the forefront of one of the most exciting industries in the world and the closing of our Series D funding and strategic partnership with New World, continues to demonstrate the high level of international commitment that exists in developing and supporting the electric vehicle, EV propulsion and energy storage industries.”
