IRVINE, Calif. – Fisker Automotive, which plans to introduce its Karma plug-in hybrid automobiles in 2010, has entered into definitive agreements to receive an additional $85 million in venture capital funding for the development and manufacturing of its debut model.
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.”
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 retailers that are expected to market and service the vehicles. Future plans include a lower cost vehicle.
