Fisker Raises 100 Million in Order to Get 500 More ~ Hybrid Car Review
Hybrid Car Review: Fisker Raises 100 Million in Order to Get 500 More

Tuesday, January 19, 2010

Fisker Raises 100 Million in Order to Get 500 More

Fisker, as part of the plan to access the $528.7 million in government loans, said it has acquired $115.3 million in private equity funding to develop plug-in hybrid and hybrid electric cars.

Fisker raised the money from, among others, A123 Systems, Ace Investments and Kleiner Perkins Caufield & Byers. Fisker Automotive earlier this week signed a multi-year supply agreement with A123 Systems for the lithium-ion batteries that will power the Karma.

"Fisker Automotive selected A123 because of the company's ability to meet our performance needs and rapidly scale to our production volume," said Fisker. "We are committed to developing environmentally friendly cars that don't sacrifice style or performance. A123's technology will ensure the Karma delivers."

Fisker had earlier applied for a $528.7 million U.S. Department of Energy conditional loan. Fisker is anticipating they will be able to move forward with that loan, now that they have raised the $115 million from private investors.

The money will be used to build the Fisker Karma, and on the Nina project. The Nina will be a plug-in hybrid sedan built in Delaware. Fisker is purchasing a former GM plant and will be outfitting it to build the Nina. Reports have pricetag for the Nina somewhere in the $45-50 thousand range.

Fisker will need to raise an additional $27 million in equity to jump the next government hurdle.

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