As it aims to speed up completion of the Karma, the company’s first plug-in hybrid, Fisker Automotive has been handed a significant funding boost.
The company has secured an additional $115.3million in private equity funding to develop its plug-in hybrid cars. The funding was necessary to help the company access a $528.7million US Department of Energy conditional loan.
With the auto industry struggling and the global economy only now beginning to rebound, it is a welcome boost for the automaker as it bids to establish itself as one of the leaders in the green car race. The Fisker Karma will have a starting price of $87,900 and paves the way for the development of more plug-in hybrid technology for a second, family orientated car known only as Project NINA. The Project NINA vehicle is set to be built at a former General Motors assembly plant in Wilmington, Delaware, with production expected to start in 2012.
This is just the latest step forward for Fisker Automotive which also recently signed a multi-year supply agreement with A123Systems for the lithium-ion batteries that will power the vehicle, with A123 also pouring $23million into the company.
