California based developer of lithium-ion power battery systems Coda Holdings, has announced the successful completion of its Series D preferred investment round, totalling US$147m.
Oversubscribed from a target of US$125m, Coda expanded the round to further develop its businesses, with the new development bring funding raised to more than US$300m as it begins final preparations to launch its Coda sedan in the US.
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“I’m delighted the second tranche was led by New World Strategic Investment Limited, a highly respected and established firm that has a strong history of supporting the clean tech industry in Asia,” said Coda Holdings CEO Phil Murtaugh.
“I believe CODA Holdings is at the forefront of one of the most exciting industries in the world and the closing of our Series D funding and strategic partnership with New World, continues to demonstrate the high level of international commitment that exists in developing and supporting the electric vehicle, EV propulsion and energy storage industries.”
In addition to supporting the launch of the Coda sedan, Series D proceeds will be used for the development of solutions in energy storage and in the development of its proprietary EV propulsion systems.
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By GlobalData
