Fisker Raises More Equity, Plans Car Launch

LOS ANGELES (Reuters) – Fisker Automotive said on Saturday it has raised $35 million of private equity to close a $189 million funding round that will allow the company to launch its plug-in hybrid electric car.

The total includes the $115 million Fisker said it had secured in January, when it cleared a key financing hurdle to draw on U.S. government loans.

The administration of President Barack Obama has awarded billions in grants and other financing for U.S. companies to develop next-generation battery technology.

The California-based start-up closed a $529 million U.S. Energy Department loan in April.

The Karma, Fisker’s plug-in hybrid electric vehicle, is a rechargeable sports car, scheduled to start production this year. It is designed to travel 50 miles (80 km) on a single charge, and has a gasoline generator that extends the range an additional 250 miles (400 km).

The car, which will sell for around $87,900, will be built in Finland by Valmet Automotive.

Fisker has previously said its investors include: A123 Systems Inc (AONE.O), which has signed a deal to supply lithium-ion battery packs to Fisker, Silicon Valley-based Kleiner Perkins Caufield & Byers, and Ace Investments.

Fisker is also developing a second, lower-cost rechargeable vehicle it expects to start building in 2012. That sedan is expected to sell for some $47,400 before a U.S. tax credit to consumers of $7,500. (Reporting by Dana Ford; Editing by Eric Walsh)

Find new deal opportunities, super-charge your fundraising efforts and track top managers with VCJ. Get your FREE trial! Or subscribe now

Sign up to our Newsletter

Receive updates from our PE HUB Wire and Top Stories of the Week newsletters:

We will not send you spam, and we don't share your email address with 3rd parties.