Fisker Lands Additional $85M for Karma Plug-in
07 April 2009
Fisker Automotive, Inc. has entered into definitive agreements to receive an additional $85 million in venture capital funding for the development and manufacturing of its Karma plug-in hybrid automobiles.
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 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.
Early production vehicles of the 2010 Fisker Karma are slated to 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.
Fisker Automotive, founded in August 2007 by auto design house Fisker Coachbuild, LLC, and clean-powertrain developer Quantum Technologies, is privately owned.
It does not say how much of the company they had to sell to get this, but it is a good thing that they can. I look forward to see the car deliveries late this year or early next year.
Posted by: SJC | 07 April 2009 at 10:36 AM
This car may be of interest for %5 of users with deep enough pockets.
How soon will China or India come out with a $25K, 5-passenger, 100 mpg, up-to-date, Plug-in?
Posted by: HarveyD | 07 April 2009 at 11:43 AM
IF BYD is any indication, they will come out with one next year. I like the BYD design. It is series, parallel, EV, range extender all in one. Depending on the use, that is the mode it goes into.
Posted by: SJC | 07 April 2009 at 11:56 AM
SJC:
And BYD's stock recently when up from less than $10 to close to $16.
Seems to be a flexible PHEV design that could be improved with time.
BYD is also one of the world largest battery manufacturer. They certainly have the potential to build all the required high performance lithium storage units.
When will it be available in North America?
Posted by: HarveyD | 07 April 2009 at 06:01 PM
Here is what the article states"
"The PHEV, which has gone on-sale in China, will begin US sales in 2011..."
http://www.greencarcongress.com/2009/01/byd-shows-produ.html
Posted by: SJC | 07 April 2009 at 10:31 PM
PLEASE don't tell this to SJC, WillS, and the other marxist flunkies. They wish the world to revolve around their central planning communist model.
Posted by: Reel$$ | 10 April 2009 at 03:55 AM