Fisker Automotive secures additional funding for plug-in hybrids
18th January 2010
New American car maker Fisker Automotive has secured access to an additional $115.3m in private equity funding to develop plug-in hybrid car, at a time when capital is scarce, the auto industry is struggling and the global economy is just beginning to rebound.
The company said the funding is necessary for Fisker Automotive to access a $528.7m US Department of Energy conditional loan that it said will, in part, help speed completion of the Fisker Karma, the company’s first plug-in hybrid.
‘Raising $115m in these times speaks volumes about the value of our business model and the vast potential of plug-in hybrids,’ said Henrik Fisker, CEO.
Starting at $87,900, the company said the Fisker Karma paves the way for development of lower-cost plug-in hybrid technology for a second, family-oriented car code named Project NINA, which the company expects to build in Wilmington, Delaware at a former General Motors assembly plant starting in 2012.
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