Electric-car maker Coda gains high-powered investors
Former Treasury Secretary Henry Paulson is one of the investors in a $24 million round in Chinese-American electric-car company Coda Automotive.
Updated at 2:15 p.m. PT.
Electric sedan maker Coda Automotive has attracted some well-connected people with its latest round of funding, including former Treasury Secretary and Goldman Sachs CEO Henry Paulson.
The company, which plans to sell an all-electric sedanin California next year, said on Tuesday that it has completed a series B round of $24 million in equity. The money will be used to bring its car to market and fund a joint venture to manufacture the car battery.
Joining Paulson as an investor and President Clinton's former chief of staff Thomas "Mack" McLarty. Other investors include investment bank Piper Jaffray, energy investor Tom Steyer, former Edison International CEO John Bryson, and company executives.
Although its corporate headquarters are in Santa Monica, Calif., Coda Automotive has partnered for both design and manufacturing of its planned car.
The chassis for the car will be manufactured by Chinese state-owned carmaker Hafei. While working for President George W. Bush, Paulson led talks on U.S.-Chinese economic relations and he is an advocate for conservation in the U.S. and China, according to Coda. The company's flexible business model will also allow the company to get its product to market earlier than other electric-car makers, said Coda Automotive CEO Kevin Czinger in statement.
Correction to indicate the Paulson will only be an investor in Coda Automotive.