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