Fisker secures $100+ M in initial closing of new equity financing
27 September 2012
Fisker Automotive has completed the initial closing of its current equity financing, representing in excess of $100 million of new funding. This initial closing will provide the company with funding for continued product development, market expansion and a new global marketing campaign for the Fisker Karma extended range electric vehicle.
Fisker expects to continue to utilize equity financing to support its business plan that combines continued sales of its inaugural Karma model with market expansion into the key Middle East and China markets, along with further development work on its second production model, the mid-size Atlantic sedan.
Since its inception in 2007, Fisker Automotive has raised more than $1.2 billion in private equity and borrowed $193 million under the Department of Energy Advanced Technology Vehicle Manufacturing (ATVM) loan program. In the last 18 months, the company has raised in excess of $600 million in private equity, with nearly $300 million of this total coming since it brought the Karma to market in December last year.
Since being launched in December, nearly 1,500 Fisker Karma sedans have been delivered to customers in the US and Europe.
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