Fisker Raises Additional $115.3 Million, Signs Battery Deal With A123 Systems

By Viknesh Vijayenthiran

Viknesh Vijayenthiran

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Vik is an Editor at High Gear Media and contributor for a number of sites within the High Gear Media network. He was a co-founder of Motor Authority... More

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2009 Fisker Karma

Fisker recently suffered a setback with the launch of its Karma plug-in hybrid electric sports sedan, whose delay has been pushed back until the third quarter of the year after originally being pegged for release last November. However, the company does have some good news to report on, announcing this week that it has managed to raise an additional $115.3 million in new private equity funding as well as a partnership with battery supplier A123 Systems Inc.

The new funding is in addition to the $528.7 million low-cost loan from the Department of Energy, which was granted to Fisker back in September to help fund its expansion plans. A123 Systems Inc., meanwhile, is to supply Fisker with lithium-ion batteries for its new Karma and possibly a second, cheaper Fisker all-electric sedan codenamed Project Nina.

This second model is due for launch in 2012 and is expected to cost around $47,400 before a U.S. tax credit to consumers of $7,500. It will be built at a former GM plant in Delaware, which Fisker secured the rights to back in October.

As for the Karma, the luxury plug-in hybrid sedan is expected to keep its sticker price of $87,900 when it goes on sale late next year. For this money, customers will receive one of the most fuel efficient sedans on the market, with claims of up to 100 mpg in fuel economy and a healthy 408 horsepower and a monstrous 959 pound-feet of torque on tap.

[Automotive News, sub req'd]