Range-extended vehicle maker Fisker Automotive has now officially closed its mammoth cash boost from the US Department of Energy (DOE).
The DOE closed a $528.7million loan to the company for the development and production of two lines of plug-in hybrid electric vehicles. The loan is expected to boost the development of the four-door sports saloon car, the Fisker Karma; while also playing a role in the production of a line of family oriented models under the Project NINA programme.
The Fisker vehicles are driven by electric motors that take their power from a lithium-ion battery, or, when depleted, a generator driven by an efficient petrol engine. The Karma and Project NINA models will have an all-electric range in the region of 40-50miles on a full charge with a cruising range of up to 300miles.
The company believes that when full production is reached it will sell around 115,000 vehicles annually – a target it hopes to attain by 2015.
The money will initially go towards qualifying engineering integration costs where engineers will design tools, equipment and develop manufacturing processes in Irvine, California – the aim is to have the Fisker Karma in showrooms later this year. Then, the remainder of the money will go towards the purchase and retooling of a former GM plant to manufacture the Project NINA line.
