Fisker Raises $115 Million in Private $$ for PHEVs; Battery Maker Among Investors

Fisker Raises $115 Million in Private $$ for PHEVs; Battery Maker Among Investors

By John O'Dell January 15, 2010

Fisker Automotive, showing that there is cash out there if you know where to look and how to sell yourself, said it has successfully completed a $115.3 million private financing round to help fund its plug-in hybrid development programs.

Backers include venture capital firm Kleiner Perkins Caufield & Byers, a longtime Fisker financial supporter,, and battery-maker A123 Systems, which recently was awarded the contract to supply lithium-ion batteries for Fisker's first car, the Karma extended-range PHEV due out later this year.

Fisker spokesman Russell Datz said the private funding was needed to permit Fisker to access the $528.7 million advanced technology vehicle manufacturing loan approved by the Department of Energy last year.

Fisker will use proceeds of the private equity and the federal loan to complete Karma engineering and development work - at its U.S. facilities in Michigan and Southern California.  The $88,000 Karma is to be assembled - at least initially - in Finland.

That work, he said, will "pave the way" for the company's next car, a $48,000, "family-oriented" extended-range plug in (code-named Project NINA) slated to be built at a former GM plant in Wilmington, Delaware, that Fisker is in the process of acquiring.

We're glad the Fisker funding is rolling in, we hope to soon see Fisker cars rolling out.

John O'Dell:  is an AutoObserver Senior Editor. Follow @AutoObserver on Twitter.