Fisker Automotive secures additional funding for plug-in hybrids

18 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.

Copyright © 2010 NewNet

Tags: electric car, electric vehicle, plug-in hybrid

This story was published on Monday, January 18th, 2010 at 1:08 pm and is filed under North America, deals, energy efficiency. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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