Fisker Automotive Secures Additional Funding for Plug-In Hybrids

Fisker Automotive announced that it 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 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.