Hedgefunder Philip Falcone Invests in California Electric Car Maker [VIDEO]

by Terrence Murray - January 6, 2011

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, , (scroll down to watch Earth2Tech’s ride along with Coda former CEO Kevin Czinger).

According to a Securities and Exchange Commission (SEC) 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.

Video

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