Fisker announced today the company raised $65 million for Karma hybrid sedan production. The first-of-its-kind four-door plug-in hybrid premium sports car was unveiled in January at the Detroit Auto Show.
Featuring plug-in hybrid technology known as Q DRIVE, developed by Quantum Fuel Systems Technologies Worldwide for Fisker Automotive. Initial deliveries of the Karma are expected late in 2009 with annual production projected to reach 15,000 automobiles.
Press release
Fisker Automotive, Inc., a green American premium sports car company, today announced that the company has completed its Series C financing round. The funding was completed on the 4th of September, 2008 with a total investment of $65 million. The round was led by a new investor, an affiliate of Qatar Investment Authority (QIA). Existing investors Palo Alto Investors and Kleiner Perkins Caufield & Byers also participated.
The money raised will be used to support the development of Fisker Automotive's first production car, the Fisker Karma. The first-of-its-kind four-door plug-in hybrid premium sports car was unveiled in January at the North American International Auto Show (NAIAS). Featuring cutting-edge plug-in hybrid technology, penned as Q DRIVE, developed by Quantum Fuel Systems Technologies Worldwide, Inc. exclusively for Fisker Automotive, initial deliveries of the Karma are expected to commence in the 4th quarter of 2009 with annual production projected to reach 15,000 automobiles.
"We are extremely pleased to have closed our C financing round at this time, particularly in light of the current market conditions," said Henrik Fisker, CEO, Fisker Automotive, Inc. "This shows once again that Fisker Automotive has a solid business plan and a globally experienced automotive team with very strong investors behind the company."
The close of Series C financing for Fisker Automotive comes on the heels of the January announcement that Kleiner Perkins had made a multi-million dollar investment in the company, building on the initial investment by Palo Alto Investors.