Fisker Automotive has secured access to $115.3 million in private equity funding to speed up the completion of the company’s first plug-in hybrid, the Karma.
The funding is necessary for Fisker to access the $528.7 million conditional loan from the U.S. Department of Energy.
The Karma starts at $87,900 and is is the first luxury plug-in hybrid in the world. Designed and engineered in the U.S., the four-door Karma is a fuel-efficient vehicle that does not compromise style and power.
Fisker said the completion of the Karma will pave them way for the development of lower-cost plugin hybrids. Following the Karma, a family-oriented car code named Project NINA is expected to be built starting in 2012.
“Raising $115 million in these times speaks volumes about the value of our business model and the vast potential of plug-in hybrids,” said Henrik Fisker, CEO.
