Fisker Automotive Gets $528,7M Loan

Building affordable, fuel-efficient plug-in hybrid electric cars AND creating at least 5,000 US jobs... That is what Fisker Automotive is meant to do with the $528,7M conditional loan that it received from the US Department of Energy.

The California-based carmaker will split the money and use it in different directions. The majority of the funds will go to Project NINA, in charge with the design, engineering and assembly of Fisker’s next generation of plug-in hybrids.

The rest will go to research and development of the Fisker Karma, the company’s first car that will form the basis of such lower cost models.

Moreover, the manufacturer hopes to create or save some 5,000 jobs with the auto suppliers industry and a couple of thousands more for building a plug-in hybrid in the United States

"This conditional loan represents a significant step in America's future," said CEO Henrik Fisker in a statement for the press. "With it Fisker Automotive can rapidly develop affordable clean cars that satisfy our passion for driving and help restore the US as an auto industry leader."

The funds are part of the US Department of Energy's $25-billion Advanced Technologies Vehicle Manufacturing Loan Program, created by Congress in November 2008 to help promote the development of energy-efficient, advanced-technology vehicles.

According to Fisker Automotive, Project NINA (inspired by the ship belonging to explorer Christopher Columbus) is symbol of the automobile industry's transition from the old world to new.

It is estimated some 821 million gallons of gasoline will be saved and 8 million tons of CO2 offset from sales of Fisker plug-in hybrids through 2016, based on SAE J2841 Electrical Usage Statistics.
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