Irvine, California – Plug-in hybrid manufacturer Fisker Automotive has secured US$115.3 million in private equity funding, which will help it to access a $528.7 million U.S. Department of Energy conditional loan that will help speed completion of its first model, the Fisker Karma.
The Karma, which will retail at a starting price of $87,900, will pave the way for development of a lower-cost plug-in hybrid technology for a second family-oriented car, code-named Project NINA.
Project NINA is expected to be built at a former General Motors assembly plant in Wilmington, Delaware 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 CEO Henrik Fisker.
Last week, Fisker signed a multi-year supply agreement with A123 Systems for the lithium-ion batteries that will power the Karma. A123 Systems is one of the investors in the latest round of funding.