2014

CODA Holdings Raises $76 Million in Series D Initial Closing

SANTA MONICA, Calif., Jan. 6, 2011 /PRNewswire/ -- CODA Holdings, a leading developer of Lithium-ion advanced battery systems and all-electric vehicles, today announced the initial closing of a Series D preferred investment round totaling $76 million, bringing the company's total invested capital to more than $200 million. The funding will be used to prepare for start of production of the company's flagship all-electric vehicle, the CODA Sedan, and to support the company's 2011 sales and marketing efforts. The investment will also fund additional equity investment in the company's joint venture battery production facility where CODA will manufacture its multi-purpose Lithium-ion power battery systems for automotive and utility applications.

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New investors Harbinger Capital Partners and Riverstone Holdings LLC both led the round, and Morgan Stanley acted as CODA's exclusive investment advisor and placement agent for this round. Existing investors participating in the offering include: Miles Rubin, CODA's Founder and Co-Chairman; Steven "Mac" Heller, CODA's Interim CEO and Co-Chairman, former Goldman Sachs Worldwide Head of Mergers & Acquisitions and Co-Head of the Investment Banking Division; AERIS Capital, the lead investor in CODA's Series C Round; and Angeleno Group, CODA's founding venture backers. Harbinger and Riverstone will each have a seat on CODA's Board of Directors.

"The caliber of our investors speaks volumes about our business model and the opportunity that exists within the electric vehicle and battery industry," said Heller. "I strongly believe that when one thinks about the opportunities presented by the global power battery industry, the global electric vehicle industry and CODA's proven ability to partner with leading companies in both China and the United States, one has to believe that what we are doing today at CODA is one of the most exciting businesses in the world. The consummation of this Series D funding and the backing of Harbinger and Riverstone represents a strong validation of this view."

In addition to producing electric vehicles, CODA is a global manufacturer of transportation and utility power storage battery systems through its joint-venture with Lishen Power Battery, LIO Energy Systems. Lishen, the largest shareholder of which is China National Offshore Oil Corporation (CNOOC), is one of the world's largest manufacturers of Lithium-ion cells. CODA is considering several sites in Ohio for the construction of a power battery manufacturing facility that would also be built in a joint venture with Lishen. Construction of a facility is contingent upon the approval and receipt of a Department of Energy (DOE) Advanced Technology Vehicles Manufacturing (ATVM) loan.

CODA's debut vehicle, the CODA Sedan, is a four-door, five-passenger all-electric car. The vehicle is powered by a breakthrough Lithium-ion battery system with more energy capacity and all-electric range than other electric vehicles in its class. The vehicle is fully-equipped for comfort, convenience and safety. Factory standard equipment includes a telematics package, navigation with turn-by-turn directions, roadside assistance with an emergency button, a Bluetooth system with an embedded microphone, AM/FM/XM radio with satellite capability, iPod dock, MP3/USB connectivity and other features. Safety equipment includes anti-lock brakes with electronic stability control and advanced airbags with an occupant detection system. The vehicle is backed by a three-year/36,000 mile limited warranty and the battery system is backed by an eight-year/100,000 mile limited warranty. The car will be marketed initially to public and private fleet customers, as well as consumers in California with an expansion planned soon thereafter.

About CODA Holdings: Headquartered in Santa Monica, Calif., CODA Holdings and its JV are working to reduce dependence on oil and is leading the way to a cleaner future through multi-use advanced battery systems for its all electric car, other electric vehicle manufacturers and a range of utility applications. CODA is working in a smart, interdependent way with leading global technology and manufacturing companies to quickly and efficiently bring electric power battery technology to market. Through its battery system joint venture with Lishen Power Battery, LIO Energy Systems, CODA is also a large-scale producer of power battery systems for transportation and utility applications. Upon completion of LIO Energy Systems' current build-out of production capacity, it will be producing power battery systems totaling more than 1.4 billion amp hours (Ah) of energy storage (4.4 million kilowatt hours). With the completion of CODA's proposed Ohio ATVM plant CODA's total JV capacity could reach two billion Ah (6.3 million kWh) of energy storage. The CODA™ Sedan is a four-door, five-passenger sedan with a full-size trunk that is designed to meet American drivers' daily transportation needs without using an ounce of gasoline.

About Harbinger Capital Partners: Harbinger Capital Partners was founded in 2001. Harbinger is led by Philip A. Falcone, Chief Executive and Chief Investment Officer, who has more than 20 years of investment experience across an array of market cycles.

About Riverstone Holdings LLC: Riverstone Holdings LLC, an energy and power-focused private equity firm founded in 2000, has approximately $17 billion under management across six investment funds, including the world's largest renewable energy fund. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $15.6 billion to 75 investments in North America, Latin America, Europe and Asia.

For CODA Holdings:

press@codaautomotive.com

(310) 260-4545


For Riverstone Holdings LLC:

Jeffrey Taufield or Michael Freitag

Kekst and Company

(212) 521-4800



SOURCE CODA Automotive



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http://www.codaautomotive.com

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