BUSINESS

Fisker Auto Pockets Funding for Electric Karma

05/08/2009 05:12 am ET | Updated May 25, 2011

A Department of Energy loan still hangs in the balance for a lower-cost model, but the Irvine, Calif.-based startup has just announced $85 million in new venture capital to help develop and manufacture the $87,900 Karma sports car. Fisker's technology partner, Quantum Technologies (developing the Karma drivetrain) is feeling the strain of plummeting demand in the auto industry, and especially General Motors, a key customer. Kleiner Perkins and the European-American investment group Eco Drive Capital Partners joined this round, the fourth-largest in Fisker's two years of existence. 2

Electric- car maker Fisker Automotive said on Tuesday it has reached an agreement to receive $85 million for additional development and manufacturing of its plug-in electric luxury sedan. Investors are Eco-Drive (Capital) Partners, a New York-based consortium, and venture capital company Kleiner Perkins Caufield & Byers, which is an existing investor. Fisker Automotive's first car will be the Fisker Karma, a plug-in electric sedan due by the end of this year that will cost $87,900 before tax credits. The Karma will be able to go about 50 miles on lithium ion batteries and have a 2-liter gasoline engine that will act as a generator for longer rides. 1

  1. Fisker Auto Pockets Funding for Electric Karma (cnet)
  2. Fisker Bags $85M to Build Plug-in Hybrid Karma [Earth2Tech] (GigaOM)

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