California-based electric car and battery company CODA Automotive announced March 30 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 Company 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.