Battery System and Electric Car Manufacturer CODA Closes Oversubscribed Series C Round; Establishing Office in Singapore
CODA, a California-based designer and manufacturer of battery systems and electric cars, has closed a $58-million Series C investment round, increasing total invested capital to more than $125 million. The round, initially capped at $50 million, was increased to accommodate strong investor demand.
Aeris CAPITAL, a private Swiss investment office, led the round, with participation from new investors EDB Investments (EDBI), an investment firm headquartered in Singapore; Countyline LLC, an investment entity owned by Tony Pritzker and J.B. Pritzker; and Les Wexner, Chairman and CEO of Limited Brands. Existing investors Thomas F. Steyer, Mac Heller, Miles Rubin, John Bryson and Angeleno Group also participated.
Funding will be used to support the market entry of CODA’s all-electric sedan and to commercialize production of CODA’s transportation and utility application lithium-ion battery systems within Lio Energy Systems, CODA’s battery system manufacturing joint venture with Lishen Power Battery. The joint venture has entered into cooperation agreements with Bank of Tianjin Joint-Stock Co. for up to $327 million of long-term credit, in addition to receiving a $100 million equity capital commitment from CODA and Lishen, for an aggregate capital commitment of up to $427 million to the joint venture.
CODA also announced that it will establish an office in Singapore to serve as the design and engineering center for the development and homologation of CODA electric vehicles for right-hand drive markets in Europe and Asia. CODA’s Singapore office will participate in the company’s research and development efforts into vehicle-to-grid technology.
Energy storage and E-mobility are key cleantech sectors that EDBI has a strong interest to grow in Singapore. With increasing adoption of innovative technologies to meet clean energy and environmental protection mandates in many countries’ urbanization drives, there is high growth potential for these sectors in Asia. CODA is well-positioned to be the leading company in these fields. With our strong networks and expertise, EDBI looks forward to partnering CODA with its new design and engineering center in Singapore to realize the full potential of this industry.
—Chu Swee-Yeok, CEO EDBI