September 9, 2008

Fisker Automotive secures $65 million from US, Qatar investors

Fisker Automotive of Los Angeles, Calif. announced its latest investment deal today, through which the startup automaker will receive $65 million in new capital.

The deal was lead by an affiliate of Qatar Investment Authority, along with representatives from Palo Alto Investors and Kleiner Perkins Caufield & Byers.

"We are extremely pleased to have closed our financing round at this time, particularly in light of the current market conditions," CEO Henrik Fisker said in a statement. "This shows that Fisker Automotive has a solid business plan and a globally experienced automotive team with very strong investors behind the company."

The proceeds from today's deal will go toward continued development of the Fisker Karma.

In addition to being the company's first automobile to be based on a custom built chassis, the Fisker Karma will be the company's first hybrid vehicle. Featuring plug-in hybrid technology the electric powertrain will allow drivers to drive emission-free for 50 miles a day, provided that the car is recharged every night.

In 2003, former Aston Martin design chief Henrik Fisker founded Fisker Coachbuild LLC.

Fisker launched the firm with the Tramonto and Latigo sports cars, both custom designs penned by Fisker and based off the BMW 6-series coupe and Mercedes-Benz SL-series convertible.

Shortly after the Fisker Karma concept (pictured at right) was unveiled in 2007, Fisker Automotive was founded by Fisker Coachbuild LLC and engineering partner Quantum Fuel Systems Technologies, which will design and build the Karma's hybrid drivetrain.

Fisker Automotive has received more than 500 orders since the Karma's unveiling, delivery of the first customer vehicles are expected to start by the end of 2009.


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