Electric car company Coda Automotive is raising more funds as it moves closer to shipping its first electric sedans. According to a filing, the company is looking to raise another $150 million, and has closed $21.5 million of that — the financing is in addition to the $150 million round announced in September 2011.
Coda’s delayed electric sedan is supposed to begin shipping this month, and a Coda spokesperson tells me that the cars are in the “final assembly stage,” and are expected “to start shipping shortly. The cars are a bit behind schedule, and also were delayed by almost a year in late 2010.
A Coda spokesperson says the company will use this funding for “ongoing business activities and expanding business opportunities, including energy storage, new vehicles and other company activities.” Last month Coda launched an energy storage division, which plans to sell batteries to utilities and power producers. The company has raised $322 million to date.