IRVINE, Calif. – New American carmaker Fisker Automotive has secured access to an additional $115.3 million in private equity funding to develop plug-in hybrid cars.   

This funding is necessary for Fisker Automotive to access a $528.7 million U.S. Department of Energy conditional loan that will, in part, help speed completion of the Fisker Karma, the company’s first plug-in hybrid. 

Starting at $87,900, the Karma paves the way for development of lower-cost plug-in hybrid technology for a second, family-oriented car code named Project NINA, Fisker says. Project NINA is expected to be built in Wilmington, Del., at a former General Motors assembly plant starting in 2012. 

“Raising $115 million in these times speaks volumes about the value of our business model and the vast potential of plug-in hybrids,” said Henrik Fisker, CEO.

Investors include A123 Systems, Ace Investments and Kleiner Perkins Caufield & Byers.

Fisker Automotive last week signed a multi-year supply agreement with A123 Systems for the lithium-ion batteries that will power the Karma.