Fisker Raises $115m, Clears Gov't Loan Requirements

Fisker now has raised enough equity to access the loans the U.S. Department of Energy, planning to use funds to finish Karma engineering, start work on Nina program.

Published: 17-Jan-2010

DETROIT -- Electric car builder Fisker Automotive said on Friday it had raised $115 million in equity, clearing a key financing hurdle that will allow it to draw on U.S. government loans needed to launch two plug-in hybrid vehicles.

Raising the additional equity was a condition Fisker had to meet to gain access to a $529 million loan the U.S. government granted to help fund the carmaker's expansion plan.

A123 Systems Inc (AONE.O), which signed a deal this week to supply lithium-ion battery packs to Fisker for its two upcoming plug-in hybrid models, invested $23 million in Fisker and will take a seat on the board.

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