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AUTOMOTIVE INDUSTRY NEWS
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Fisker Automotive lands $150 million in funding

In total, the firm has raised more than $1 billion.

By Kristen SchottPublished: February 11, 2011 09:11 AM

Fisker Automotive has landed another $150 million in funding, bringing its total financing to more than $1 billion. The news comes as the green automaker plans to bring its first car – the luxury plug-in hybrid Karma – to market and moves its offices from Irvine to Anaheim to accommodate its expanding staff.

The newest funding round comes from an unnamed investor, and joins another $325 million raised from other private companies and about $530 million from the Department of Energy, said spokesman Roger Ormisher.

"This funding ensures that we now have enough to not only bring Fisker Karma to full production ... this March, but also (to) completely fund the development and launch of the next-generation model, the Fisker N-series (code named Nina), that is scheduled to start production in Q4 of 2012 at the Wilmington, Del., plant," he said.

The Karma sedan is touted as the world's "first true electric vehicle with extended range," according to Fisker's website. The car has an all-electric range of 50 miles when fully charged. After 50, a gasoline engine turns an on-board generator for 250 miles before refueling or recharging. The car is slated to begin production March 21.

Meanwhile, Fisker is moving into a new building on East La Palma in Anaheim, which totals more than 156,000 square feet. The new space will allow the company to combine its facilities – Fisker currently occupies three in Irvine – and bring its employees together under one roof. Additionally, the site will support the firm's growth this year, said Ormisher.

"We doubled staff to around 150 in 2010, and (we) plan to double it again in 2011," he said.

The company is completing refurbishments on the property and plans to move by mid-March.

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