Hedgefunder Philip Falcone Invests in California Electric Car Maker [VIDEO]
Santa Monica, Calif.-based Electric car maker Coda has raised? $76 million in fresh cash from new investors, including Harbinger Capital Partners, the hedge fund owned by Philip Falcone.
Energy-focused private equity fund Riverstone Holdings? joined Harbinger as a new investor, Earth2Tech, first reported, (scroll down to watch Earth2Tech’s ride along with Coda former CEO Kevin Czinger).
According to a Securities and Exchange Commission (SEC) Form D Coda still needs to raise north of $48 million to close its? $125 million Series C.
Excisting? investors participating in this third round include, Coda founder Miles Rubin, Coda interim CEO Steven Mac Heller, AERIS Capital, the Swiss fund and Angeleno Group, a Los Angeles-based private equity firm. The? Form D lists Morgan Stanley as an investor.
Including this round, since 2007,?Coda will have raised about $200 million.
Backed by state and federal subsidies, Coda expects its sedan to retail for about $32,400, once it reaches car dealerships in about eight-to-12 months.