Fisker Automotive gets multi-million dollar investment
Now that we've seen the Fisker Karma, we're glad to know more about the company behind this $80,000 plug-in hybrid. As part to the Karma's unveiling, Quantum Fuel Systems Technologies Worldwide, the company that is part of the joint venture behind Fisker Automotive, announced that the funding group Kleiner Perkins Caufield & Byers gave a second round of funding to Fisker. How much? Well, it's a "multi-million dollar investment [that] builds on the initial capital funding from Palo Alto Investors." More details than that were not divulged by Quantum.
KPCB's managing partner, Ray Lane, said in a statement (pasted after the jump) that, "We believe that Fisker Automotive's groundbreaking, forward-thinking design stands to pave the way for a greener and more efficient transportation future." You can believe these things in a serious way when you've got millions of dollars to back up your belief.
Related:
[Source: Quantum Fuel Systems Technologies Worldwide, Inc.]
Quantum's Fisker Automotive Joint Venture Backed by Kleiner Perkins Caufield & Byers
IRVINE, Calif., Jan. 15 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ:QTWW) announced today that its Fisker Automotive, Inc. joint venture has received a second round of funding lead by Kleiner Perkins Caufield & Byers. The multi-million dollar investment builds on the initial capital funding from Palo Alto Investors.
"Kleiner Perkins Caufield & Byers are committed to investing in innovative companies that make financial and environmental sense," said Ray Lane, Managing Partner, Kleiner Perkins Caufield & Byers. "We believe that Fisker Automotive's groundbreaking, forward-thinking design stands to pave the way for a greener and more efficient transportation future."
Fisker Automotive will offer a range of environmentally friendly premium cars, with the first production car making its worldwide debut at the 2008 North American International Auto Show in Detroit, Michigan. Initial deliveries are anticipated to commence in the 4th quarter of 2009. Quantum will supply its proprietary "Q-Drive" high-performance plug-in-hybrid electric vehicle architecture for the current Fisker Hybrid sedan as well as all future Fisker models. The Q-Drive plug-in hybrid electric drive system is designed to achieve 50 miles of zero emission, battery-only range while providing combined gasoline-electric hybrid operation to enable uncompromised vehicle range and performance. Benefits of the Q-Drive system include optimized fuel efficiency and superior performance, unchanged gas station infrastructure, and home-based battery recharging with any 110-volt outlet or, as an option, 220/240-volt fast-charging using Quantum's solar energy powered re-charging station.
"We are pleased that our vision for Fisker Automotive as the green American premium car company that provides high efficiency, low emissions, and a no-compromise driving experience resonates with Kleiner Perkins, the leading "Greentech" investor," said Alan Niedzwiecki, the President and CEO of Quantum. "The new Fisker hybrid sports sedan, which incorporates Quantum's proprietary Q-Drive system, will change the way we look at the automotive world."
About Kleiner Perkins Caufield & Byers (KPCB):
Since its founding in 1972, KPCB has backed entrepreneurs in 450 ventures, including AOL, Align, Amazon.com, Citrix, Compaq Computer, Electronic Arts, Genentech, Genomic Health, Google, Intuit, Juniper Networks, Netscape, Lotus, Sun Microsystems, Symantec, Verisign and Xilinx. KPCB portfolio companies employ more than 250,000 people. More than 150 of the firm's portfolio companies have gone public. Many other ventures have achieved success through mergers and acquisitions.
KPCB has broadly invested in both life sciences and information technology since its inception in 1972. In the last four years, KPCB has expanded its focus to include Greentech. KPCB's Greentech portfolio has grown to over 30 companies and includes Amyris Biotechnologies, Ausra, Bloom Energy, Great Point Energy, Mascoma, Miasole, and Verdiem. For more information on KPCB, please visit http://www.kpcb.com/.
About Quantum:
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes advanced lithium-ion battery systems, electronic controls, hybrid electric drive systems, hydrogen storage and metering systems, and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to- market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum's customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
Quantum has also formed a new company with Fisker Coachbuild, LLC, which is called Fisker Automotive, Inc. Fisker Automotive will offer a range of environmentally friendly premium cars, incorporating Quantum's proprietary high-performance plug-in-hybrid electric vehicle architecture, known as "Q-Drive," into a unique chassis that will enable optimizing the performance and vehicle dynamics.
More information can be found about Quantum's products and services at http://www.qtww.com/.
Forward Looking Statements
Except for historical information, the statements, expectations, and assumptions contained in the foregoing press release are forward-looking statements. Such forward-looking statements include, but are not limited to, the Company's expectations regarding expected future revenues and operating results; future opportunities for Quantum; the Company's ability to fulfill orders in the future; and other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management. Such statements are subject to a number of risks and uncertainties, and actual results could differ materially from those discussed in any forward-looking statement. Factors that could cause actual results to differ materially from such forward-looking statements include, among other factors, the Company's ability to successfully incorporate the Quantum Q-Drive system and general economic conditions. Reference should also be made to the risk factors set forth from time to time in the Company's SEC reports, including but not limited to those contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2007. The Company does not undertake to update or revise any of its forward-looking statements even if experience or future changes show that the indicated results or events will not be realized.
Reader Comments (Page 1 of 1)
kert 10:49AM (1/18/2008)
Just one question : where do they get the transmission from, and is it single-speed ?
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kert 11:03AM (1/18/2008)
On related note, check teslafounders blog .. second post down...
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sola 12:02PM (1/18/2008)
Isn't this venture capital firm the one which is behind EESTOR?
Would make a lot of sense if they knew for sure that the EESTOR battery will be ready in, say, a year.
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Kardax 12:10PM (1/18/2008)
A multi-million dollar investment might be enough to get a prototype that actually moves on its own, but they need a _lot_ more than that to get an real auto business running (with factories, equipment, trained service technicians, etc).
As for the transmission, based on the performance numbers I've seen, it sounds like they're going with a single-speed solution.
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eddy 3:21PM (1/18/2008)
Well, Fisker has quite a high income with other product. They do their coachbuilding and they design cars for other companies (artega gt and others). The rolling prototype is no real problem, because their drivetrain is an allready usable and working technologie. QTTWW did design hybrid drivetrains for various big companies and for military vehicles. Furthermore building a car doesn't need own factories. Nowadays many cars are built by specialised companies like Karmann (Chrysler Crossfire, Mercedes SLK, various cabrio-versions of other cars), Magna-Steyer (MB G-class, BMW X3, Jeep Commander) or Nedcar (Smart, Mitshbishi Colt). There are rumors that fisker did make a contract with Magna-Steyer for production and that they are trying to do the customerservice in cooperation with a big car company.
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carazed 3:41PM (1/18/2008)
This is great news and will definitely help push the plug-in-hybrid concept into main stream media and onto our roads.
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Throwback 4:45PM (1/18/2008)
I will be shocked if this car retails for 80K. The other issue is who will service these cars? Will Fisker have dealers or sell directly to consumers?
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eddy.gutierrez 6:47AM (1/21/2008)
it is amazing to me that such a small company such as fisker could unveil a great product for "$80k" while other specialty brands (MB, BMW) havent begun toying with the whole hybrid idea to this extent. Those companies wouldnt need a multimillion dollar investment as they could fundraise themselves. if i had the money, i would definitely purchase this. good luck fisker! kick some booty!
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