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

The raise comes at a time when capital is scarce, the auto industry is struggling and the global economy is just beginning to rebound.

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. Project NINA is expected to be built in Wilmington, Delaware at a former General Motors assembly plant starting in 2012.

Fisker Automotive earlier last week signed a multi-year supply agreement with A123 Systems for the lithium-ion batteries that will power the Karma. A123 is also investing $23 million in Fisker. (Earlier post.)