Soon to be flush with cash with an impending public offering, EV startup Fisker is now in the process of securing a production site for its first model, the Ocean battery-electric SUV.

The company in a statement to Reuters last week said it expects to reach a definitive agreement with Magna Steyr over a production deal within months.

Magna Steyr is a contract manufacturer with a plant in Graz, Austria. It routinely builds vehicles for major automakers, with its current portfolio including the Mercedes-Benz G-Class, Jaguar E-Pace and I-Pace, and the BMW Z4 and Toyota Supra twins.

Fisker Ocean

Fisker Ocean

Fisker and Magna Steyr have signed a memorandum of understanding but are yet to make any of the details public. Fisker has previously said the Ocean will start production in late 2022. A previous EV startup by the name of Fisker, the maker of the Karma extended-range electric sedan, also outsourced production, in this case to Finland's Valmet.

The new Fisker also remains open to production sites in the United States in China, the company said in its statement to Reuters.

Fisker is expected to receive $1 billion in its public offering, which is expected to close by the end of the year. Part of those funds will help pay for the development the Ocean. Fisker is still in talks with Volkswagen Group over the possibility of using the German auto giant's MEB platform for the Ocean. The platform made its debut in the Volkswagen ID 3 and will also underpin VW's ID 4 headed to the United States later this year.

Fisker Ocean

Fisker Ocean

The Ocean at launch will offer an 80-kilowatt-hour battery and the choice of rear- or all-wheel drive. The range will fall between 250 and 300 miles and Fisker has partnered with Electrify America to develop a charging system that will enable Ocean owners to add 200 miles of range in about 30 minutes.

Pricing for the Tesla Model Y rival will start at $37,499 (or a monthly lease rate as low as $379), and reservations have already topped 7,000 since the reveal in January.

Beyond the Ocean, Fisker has plans to launch a coupe-like SUV, a lifestyle-oriented pickup truck, and a flagship sedan.