Coda Holdings, a US-based electric vehicle and battery system developer, closed a $147m round of series D funding on Monday, led by New World Strategic Investment, the corporate venturing unit of Hong Kong-based multi-industry conglomerate New World Development.
Also participating in the round, which was oversubscribed from its $125m target, were investment firms Indus Capital and Harbinger Capital, private equity firms Riverstone Holdings, Aeris Capital and Angeleno Group, asset management group Och-Ziff, and various angel investors.
Coda’s prior series D financing raised $76m in January and $30m in August, with the final part of the funding being $41m. Coda’s series C round closed in May 2010 at $58m, with investors including Aeris, Angeleno, investment entity Countryline, and EDB Investments, the investment unit funded by Singapore’s Economic Development Board. Coda raised $24m in series B funding, in July 2009.
The equity comes in addition to a $294m line of credit with the Bank of Tianjin Joint-Stock Co. and $100m in capital from undisclosed sources, raised in conjunction with Lishen Power Battery for the purpose of setting up battery manufacturing facilities, in March 2010.
Coda will use the financing to support the launch of its five passenger sedan model in the US, and to further develop its battery and propulsion systems.