Fisker Automotive has been quiet for the past two months since the announcement that the cars would be built in Finland by Valmet. As we know, mass producing cars is an enormously expensive proposition which means any company that wants to get into the business has to raise some serious cash. With that in mind Fisker has just completed its third major fundraising round. The biggest chunk of the new $65 million investment is coming from the Qatar Investment Authority with extra funds coming from Kleiner Perkins and Palo Alto Investors. Fisker is still hoping to launch production of the Karma plug-in hybrid sports car in the fourth quarter of 2009. This marks the latest investment in green technologies by Middle Eastern investors. The conspiracy theorists will of course think these investors are just trying bury the technology - especially if Fisker fails to thrive (something that is likely regardless of who puts up the money). The more realistic analysis is simply diversification with the realization that getting rich from oil will eventually become impossible. The Fisker press release is after the jump.
Fisker Automotive Raises $65 Million in Series C Financing Round
IRVINE, Calif., Sept. 9 /PRNewswire/ -- 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.
Fisker Automotive, Inc.