PRESS RELEASE
PHOTO CAPTION: CODA electric car.

Coda Automotive, Lishen Power Battery Secure Fresh Capital

$394 million commitment will enable the company to rapidly industrialize the all-electric CODA car’s power system.

Published: 01-Apr-2010

Santa Monica, Calif. – California-based electric car and battery company CODA Automotive announced today that together with its joint venture partner, Lishen Power Battery, it has secured $394 million of committed capital. Lishen is one of the world’s largest manufacturers of lithium-ion cells and a key battery supplier to industry leading companies such as Apple, Motorola, Samsung and Vodafone. The capital will enable the company to rapidly industrialize the all-electric CODA car’s power system for commercial volume production and support its ability to mass manufacture transportation and utility power storage battery systems.

The joint venture has secured $100 million in committed equity capital and has received a commitment for a $294 million line of credit from the Bank of Tianjin Joint-Stock Co., Ltd.

“This capital strengthens the strategic position of our joint venture and allows us to meet the rising global demand for automotive-grade lithium-ion battery and utility power storage systems,” said Kevin Czinger, President and CEO, CODA Automotive. “The U.S. and China face tremendous security and environmental challenges that we intend to address by combining our complementary capabilities and skills. This joint venture will accelerate the adoption of new energy technology while creating jobs in the U.S. and abroad.”

CODA Automotive is slated to begin deliveries of its zero tailpipe emissions, all-electric car in the fourth quarter of this year. The company is headquartered in Santa Monica, California and anticipates that it can deliver more than 14,000 vehicles to customers in California by the end of 2011. To date, CODA has raised in excess of $100 million in capital. Through its joint venture, CODA Automotive plans to establish battery manufacturing capacity in the U.S.

About CODA Automotive: Headquartered in Santa Monica, Calif., CODA Automotive is working to reduce dependence on oil and leading the way to a cleaner future by building 100% electric cars and transportation battery systems. CODA Automotive is working in a smart, interdependent way with a number of leading global technology and manufacturing companies to quickly and efficiently bring electric drive technology to market and jump start the electric car movement. Through its exclusive transportation and electric utility storage battery joint venture with Lishen Power Battery, CODA Automotive is also a leading designer and large-scale manufacturer of power battery systems. The American engineered CODA electric car will be available to consumers in 2010.

Views :6541

<< PREVIOUSNEXT >>
RELATED NEWS ITEMS

MATRA MS1 Electric Bicycle will use All Cell lithium batteries.

Batteries will be used in French-developed e-bikes and neighborhood electric vehicles.

Chrysler 200c ENVI could be powered by A123 lithium batteries.

Latest round brings GE's total investments in the battery maker to $70 million, representing an ownership stake of more than 10%.

See-thru illustration of B0 electric car developed by Pininfarina and Bollare Group.

The Bollore Group has developed a lithium battery that can power an electric car at a speed of up to 77 miles per hour with a range of 155 miles

READER COMMENTS

blog comments powered by Disqus