The capital will enable the company to 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 $00m in committed equity capital and has received a commitment for a $294m line of credit from the Bank of Tianjin.
Coda Automotive is slated to begin deliveries of its zero tailpipe emissions, all-electric car in the fourth quarter of this year. The company 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 $100m in capital. Through its joint venture, Coda Automotive plans to establish battery manufacturing capacity in the US.
Kevin Czinger, president and CEO of Coda Automotive, said: “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.
”The US 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 US and abroad.”
Lishen is a manufacturer of lithium ion cells and a battery supplier to companies such as Apple, Motorola, Samsung and Vodafone.
