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More Funding for Fisker

American carmaker Fisker Automotive recently secured an additional $115.3 million in private equity funding to develop plug-in hybrid cars. This funding is necessary to access a $528.7 million U.S. Department of Energy conditional loan that will, in part, help speed completion of the Fisker Karma, the company's first plug-in hybrid.

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 that will form the basis of such low-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. Project NINA is expected to be built in Wilmington, Delaware at a former General Motors assembly plant starting 2012.

"Raising $115 million in these times speaks volumes about the value of our business model and the vast potential of plug-in hybrids,"
CEO Henrik Fisker said in a release.

Investors include A123 Systems, Ace Investments and Kleiner Perkins Caufield & Byers. Fisker Automotive earlier this week signed a multi-year supply agreement with A123 Systems for the lithium-ion batteries that will power the Karma.

"Fisker Automotive selected A123 because of the company's ability to meet our performance needs and rapidly scale to our production volume," said Fisker. "We are committed to developing environmentally friendly cars that don't sacrifice style or performance. A123's technology will ensure the Karma delivers."
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