Fisker to Receive Additional $85M in VC Funds for Plug-In Hybrid Cars Development
Future plans include a lower priced vehicle
Fisker has announced that they have secured an additional $85 million dollars in venture capital funding for the development and manufacturing of the Karma plug-in hybrid.
The new financing comes from several sources including New York-based Eco-Drive Partners, an unnamed European-American investment consortium, as well as California-based venture capitol firm Kleiner Perkins Caufield and Byers. According to Fisker CEO, Henrik Fisker, "This investment is a strong endorsement of our business model and future product offerings in a challenging business environment." While the deal isn't official as of yet, the company expects everything to be completed by the end of the month.
Fisker's Karma plug-in hybrid sedan will go into production later this year with a hefty $87,900 price tag (before tax credits). The four-seater features the ability to travel up to 50 miles (80 km) on electricity alone before a GM-sourced 260 horsepower turbocharged 2.0-liter four-cylinder engine kicks in to recharge the Lithium-ion batteries. Thanks to the use of the gasoline engine, the Karma will have a range of up to 300 miles (480 km) and a stellar estimated fuel economy rating of 100 mpg (2.35L/100km).
The company also hinted that the additional funding will enable them to produce a "lower cost vehicle" which should help them compete with the upcoming $50,000 Tesla Model S.
Fisker Automotive to Receive Additional $85M for Development of Plug-In Hybrid Cars
Fisker Automotive, Inc., a leading producer of advanced green technology automobiles, announced today it has entered into definitive agreements to receive an additional $85 million in venture capital funding for the development and manufacturing of its Karma plug-in hybrid automobiles. The financing is expected to be completed this month and will be the fourth and largest investment round since the company's inception in August 2007.
New York-based Eco-Drive (Capital) Partners LLC, a European-American investment consortium, and Kleiner Perkins Caufield and Byers, an early investor in Fisker, have together agreed to provide the capital.
"The investment by Eco-Drive and Kleiner Perkins validates our vision of joining together the advances in technology for plug-in hybrid powertrains with the ecochic beauty and eco-conscious comfort of the Fisker Karma. We are proud to have Eco-Drive behind us, and to see Kleiner Perkins reaffirm its confidence in our future direction," said Henrik Fisker, Fisker Automotive CEO. "This investment is a strong endorsement of our business model and future product offerings in a challenging business environment."
Fisker Automotive's debut model, the 2010 Fisker Karma, is expected to be the first plug-in hybrid car to market when early production vehicles come off the assembly line late this year. The 2010 Karma, planned to retail for $87,900 before tax credits, is designed to travel approximately 50 miles emission-free, powered by a Lithium-ion battery that can be charged in a few hours from any 110- or 240-volt household outlet. After 50 miles, a 2.0 liter gasoline engine runs a generator that can power the car's electric motors for another 250 miles before refueling.
The company recently announced a nationwide network of more than 30 prestigious retailers that are expected to market and service the vehicles. Future plans include a lower cost vehicle.
Related Articles
100 Fisker Karma test vehicles to be built in Finland this year
Fisker Approved for $529M Government Loan
Production Fisker Karma Debuts in Detroit
Fisker Karma production version first photos prior to NAIAS debut
Fisker Karma Production Starts Late 2009 in Finland
Add comment
More Photos
Latest Photo Albums
2014 BMW X5
BMW Gran Lusso Coupe concept
BMW Gran Lusso Coupe concept
2014 BMW 5-series facelift
2014 Mercedes-Benz S-Class
2014 Jaguar XJR
2014 Jaguar XKR-S GT
2014 Cadillac CTS
Comments (9)