Fisker Automotive secures additional funding for plug-in hybrids
By Fisker Automotive
New American carmaker Fisker Automotive has secured access to an additional $115.3 million in private equity funding to develop plug-in hybrid cars.
This funding is necessary for Fisker Automotive (www.fiskerautomotive.com) to access a $528.7 million U.S. Department of Energy conditional loan that will, in part, help speed completion of the Fisker Karma, the company’s first plug-in hybrid.
The raise comes at a time when capital is scarce, the auto industry is struggling and the global economy is just beginning to rebound.
Starting at $87,900 the Karma paves the way for development of lower-cost plug-in hybrid technology for a second, family-oriented car code named Project NINA.
Project NINA is expected to be built in Wilmington, Delaware at a former General Motors assembly plant starting in 2012.
“Raising $115 million in these times speaks volumes about the value of our business model and the vast potential of plug-in hybrids,” said Henrik Fisker, CEO.
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