Fisker Automotive Gets $85M for Financing Karma

Fisker Karma

Fisker Automotive, a Fisker Coachbuild and Quantum Technologies joint venture established in 2007, announced yesterday it has reached agreements to receive an additional $85 million funding for the development and manufacturing of its Karma plug-in hybrid vehicle.

"This investment is a strong endorsement of our business model and future product offerings in a challenging business environment," Henrik Fisker, Fisker Automotive CEO said in a release.

The financing, provided by Eco-Drive Capital Partners (an European-American investment consortium) and Kleiner Perkins Caufield and Byers, one of the first to invest in Fisker, is expected to become available sometimes during this month.

"The investment by Eco-Drive and Kleiner Perkins validates our vision of joining together the advances in technology for plug-in hybrid powertrains with the ecochic beauty and eco-conscious comfort of the Fisker Karma. We are proud to have Eco-Drive behind us, and to see Kleiner Perkins reaffirm its confidence in our future direction," the CEO added.

The manufacturer needs the money for the future development of the Fisker Karma, a saloon plug-in hybrid which debuted at the 2009 Geneva Auto Show. The vehicle has a range of 80.5 km (50 miles) on electric power alone.

The overall range of 482 km (300 miles) is achieved by using a 2.0l turbocharged direct injection petrol engine. In terms of engine performance, Karma can reach 100 km/h (62 mph) in less than six seconds, with top speed rated at 201 km/h (125 mph).

Karma will become available for the European market through a network of about 40 dealerships in early 2010, at an estimated starting price of 78,780 euros, VAT included.