Coda Holdings Raises $147 Million in Investor Funding

As Coda makes “final preparations” for the debut of its electric sedan initially to the California market this year, its parent company says it has raised an additional $147 million in financing.

Coda Holdings has reportedly now raised $300 million since being founded in 2009, and its business also includes units that build lithium batteries and electric drive control systems.

The largest contributor to its most recent funding, according to Coda CEO Phil Murtagh, was New World Strategic Investment Limited (NW-SI), described as “a highly respected and established firm that has a strong history of supporting the clean tech industry in Asia.”

Other investors are those who had contributed to previous funding rounds, including company founder Miles Rubin, Harbinger Capital Partners and Riverstone Holdings.

Leaf beater

Coda’s California-only EV packs a battery nominally rated at 36 kwh, and it reportedly pushes closer to an actual 39 kwh. This is significantly higher than the all-electric Nissan Leaf’s 24 kwh, and Coda says its car will cause “range envy” while offering up to 150 miles per charge.

Not one to necessarily be swayed by automaker assertions, the U.S. Environmental Protection Agency (EPA) is expected to rate the Coda’s range at around 110 miles. This will nonetheless be significantly more than the 73 miles it estimated for the Leaf.

According to Edmunds, which recently test drove a Coda, its lithium-iron-phosphate battery chemistry has lower energy density than the Leaf’s lithium-manganate chemistry, but Coda says performance is otherwise superior.

Coda says its battery costs less to produce while delivering more useable energy, higher peak power, longer battery life, and greater thermal stability.

After starting with a partially discharged battery, Edmunds got 105 miles out of its mixed around-town plus stop-and-go highway test drive. It estimated 120 miles should have been possible, if not more.

The 3,670-pound Coda weighs 300 pounds more than the Leaf, has a limited top speed of 85 mph, and reportedly – although unofficially – it dashes to 60 mph in the 9-10 second range compared to the Leaf’s approximately 10 seconds.

Who will buy it?

The $44,900 (before incentives) 2011 Coda tops the Leaf in power, but its price gap over the $35,200 2012 Leaf is also substantial.

Presently, Coda has one southern California retail location, is taking reservations, and is looking at opening a retail store in the San Fransisco Bay Area by year’s end. The company hopes to sell 14,000 units by the end of 2012.

Murtagh, who came on board in January after heading GM’s China division, said first adopters will likely have income over $125,000. As you would expect, they are projected to be those most interested in the latest tech, particularly as applied to environmentally sustainable solutions.

Corporate and fleet buyers will also be among the first movers, and these all represent the lowest hanging fruit needed to buy time as Coda races on toward refining its appeal for a broader audience.

Edmunds, Coda.


  • Capt. Concernicus

    Well the range is decent, but the design of it is less than appealling. I guess this is why it would be best sold to corporate fleets. The design needs to be a little more edgy/modern. Not so much 2001 Hyundai.

  • MrEnergyCzar

    They can’t compete on price with the majors. Bland styling for such a progressive car…

    MrEnergyCzar

  • roro

    A modern touch would do…I agree it almost looks like my 2004 Hyundai.

  • Mr. Fusion

    Their logo is how many cars they’re going to sell.

  • Anonymous

    This is very educational content and written well for a change. It’s nice to see that some people still understand how to write a quality post!
    dvd duplication

  • jay11

    Wonderful illustrated information. I thank you about that. No doubt it will be very useful for my future projects. Would like to see some other posts on the same subject!
    CCNA

  • emoboy

    I think that thanks for the valuabe information and insights you have so provided here. sole f80 treadmill

  • emoboy

    I am definitely enjoying your website. You definitely have some great insight and great stories. sole f80 treadmill

  • jay11

    Thanks a lot for sharing us about this update. Hope you will not get tired on making posts as informative as this.
    juegos para pc

  • emoboy

    I recently found many useful information in your website especially this blog page. Among the lots of comments on your articles. Thanks for sharing. sole f80 treadmill

  • jay11

    Good post but I was wondering if you could write a litte more on this subject? I’d be very thankful if you could elaborate a little bit further. Appreciate it! LPG Conversions

  • Anonymous

    Hi! Thanks for the great information you havr provided! You have touched on crucuial points!
    hacking edge

  • Anonymous

    Very good points you wrote here..Great stuff…I think you’ve made some truly interesting points.Keep up the good work. slide software movie maker

  • emoboy

    This is such a great resource that you are providing and you give it away for free.
    cash call

  • Anonymous

    This content is written very well. Your use of formatting when making your points makes your observations very clear and easy to understand. Thank you.
    more information

  • Anonymous

    I can set up my new idea from this post. It gives in depth information. Thanks for this valuable information for all,.. social profit formula blog

  • Anonymous

    This is a great inspiring article.I am pretty much pleased with your good work.You put really very helpful information… social profit formula blog