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EV Company Coda Automotive Closes $24M Series B Round; New Investors Include Former US Treasury Secretary Henry Paulson, Jr. and Farallon Capital Founder Thomas Steyer

California-based electric car and battery company, Coda Automotive, closed of a Series B investment round totaling $24 million. The capital will be used to support the development and 2010 California market entry of its all-electric sedan and funding of its battery manufacturing joint venture.

The Series B investment round held its final close in early summer 2009. Investors include:

  • The two Series A round investors, Miles Rubin, Coda founder and co-chairman, and Angeleno Group, Southern California’s largest cleantech-focused venture firm;
  • Piper Jaffray, a Minnesota-based investment bank;
  • Steven “Mac” Heller, Coda co-chairman;
  • Kevin Czinger, Coda president and chief executive officer;
  • John Bryson, former chairman and chief executive officer of Edison International and Coda board member;
  • Thomas “Mack” McLarty, former Chief of Staff for President William J. Clinton;
  • Henry M. Paulson, Jr., former US Secretary of the Treasury under President George W. Bush; and
  • Thomas F. Steyer, Farallon Capital Management founder and co-managing partner.

Coda’s ability to raise capital under challenging market conditions and the caliber of our investors attest to the strength of our business model and the opportunity that exists in the electric car and battery sectors. Avoiding the problems that plague large manufacturers, we’ve developed a flexible structure that allows us to move rapidly to market and be profitable even while selling a relatively small number of vehicles per month. Consequently, we’re on-track to deliver the first quality, accessible all-electric sedan to consumers next year.

—Kevin Czinger, president and CEO, Coda Automotive

Paulson served as US Secretary of the Treasury and led the US-China Strategic and Economic Dialogue. Prior to serving as Treasury Secretary, Paulson led Goldman Sachs as chairman and chief executive officer.

Steyer founded Farallon Capital and has been its managing partner and chief investment officer since its inception in 1986. He also serves as a member of the Board of Trustees of Stanford University and was a lead founding donor supporting the creation of Stanford’s Precourt Energy Institute. He is also a managing director of Hellman & Friedman, a San Francisco private equity firm.

Comments

SJC

This could be an example of who you know rather than what you know. Their technology is not much better than anyone else, but their connections to raise money are far better. I would rather have a merit based method, but this is what we have now.

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