It seems like only yesterday that we told you about Coda Automotive taking another step forward by forging an agreement with UQM Technologies – perhaps because it was yesterday. Today however, the California based electric car and battery company, has further reasons to celebrate with a $24million investment.
The Series B investment will be used to support the development and 2010 California market entry of its all-electric saloon car, as well as funding of its battery manufacturing joint venture.
Investors include Miles Rubin, Coda’s founder and co-chairman; Angeleo Group, South California’s largest clean-tech focused venture firm; Piper Jaffray, a Minnesota based investment bank; Steven Heller, Coda’s co-chairman; and Kevin Czinger, Coda’s president and chief executive officer.
Further investments have come from the likes of John Bryson, the former chairman and chief executive officer of Edison International; Thomas McLarty the former chief of staff for President Clinton; and Henry Paulson Jr, the former US Secretary of the Treasury.
Mr Czinger welcomes the investment and stated it is a testament to the company’s stature given the challenging market conditions.
