The battery electric CODA Sedan is inching ever closer to production after CODA Holdings announced the initial closing of a Series D preferred investment round totalling $76million.
The company’s total invested capital has now reached more than $200million with the funding expected to go towards the production of the CODA Sedan and to support the company’s sales and marketing efforts throughout the year while providing additional equity investment in the joint venture battery production facility to manufacture its multi-purpose lithium-ion power battery systems.
In addition, CODA is a global manufacturer of transportation and utility power storage battery systems thanks to its joint venture with Lishen Power Battery Energy Systems. It is said to be considering several sites in Ohio for the construction of a power battery manufacturing facility that would also be built in a joint venture with Lishen.
On completion of LIO Energy Systems’ build-out of production capacity it will be producing power battery systems that total more than 1.4billion Ah of energy storage; while CODA is hoping that its proposed Ohio plant JV capacity could reach two billion Ah of energy storage. The CODA Sedan will be equipped with a 33.8kWh lithium-ion battery pack.
The car itself will initially be marketed to limited public and private fleet customers as well as consumers in California, with plans for expansion soon after. It is backed with a three-year/36,000miles limited warranty and the battery system comes with an eight-year/100,000miles limited warranty.
