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Cars fisker karma above driveway

Published on October 10th, 2012 | by Zachary Shahan

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Fisker Lands Another $100 Million in Private Investment for Karma

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October 10th, 2012 by Zachary Shahan 

 
Fisker Automotive hasn’t been quite as successful as Tesla Motors, and it’s run into a handful of problems to date. But it’s still rolling. And aside from getting Justin Bieber, Sean Kingston, Leonardo DiCaprio, and Cee Lo Green behind the driver’s wheel, it has also just completed another $100 million in private funding for its Karma.

The $100 million will reportedly be for production as well as marketing of the vehicle. Notably, Fisker is currently looking to expand into the Middle East and China.

Not stated in the Fisker press release is that the Karma isn’t exactly the most fuel-efficient electric car on the market. The Karma gets 54 MPGe on battery and 20 MPG on gas. Compare that to the Chevy Volt, which gets 98 MPGe on battery and 37 MPG on gas; or the Honda Fit EV, which gets 118 MPGe (it’s a pure EV); or the Tesla Model S, which gets 89 MPGe (again, it’s a pure EV).

Nonetheless, the Karma is better than the average car. And let’s hope new models will have better fuel efficiency.




 
Here’s the full Fisker press release about the new funding announcement, expansion plans, and other matters:

Fisker Automotive has completed the initial closing of its current equity financing, representing in excess of $100 million of new funding.

This initial closing will provide the company with funding for continued product development, market expansion and a new global marketing campaign for the Fisker Karma, the world’s first luxury Electric Vehicle with extended-range (EVer™).

Fisker expects to continue to utilize equity financing to support its business plan that combines continued sales of its inaugural Karma model with market expansion into the key Middle East and China markets, along with further development work on its second production model, the mid-size Atlantic sedan.

Since its inception in 2007, Fisker Automotive has raised over $1.2 billion in private equity and borrowed $193 million under the Department of Energy Advanced Technology Vehicle Manufacturing (ATVM) loan program. In the last 18 months, the company has raised in excess of $600 million in private equity, with nearly $300 million of this total coming since it brought the award-winning Karma to market in December last year.

Tony Posawatz, Fisker’s CEO said: “This is another major vote of confidence in Fisker’s pioneering technology and business model. We are grateful to both our investors and our initial customers who have supported our company and are quickly becoming our biggest advocates.”

Since being launched in December, nearly 1,500 Fisker Karma sedans have been delivered to customers in the US and Europe, bringing the company a further stream of revenue and helping to attract new investment interest.

Adds Tony Posawatz: “The Karma is already a testament to US automotive innovation and advanced technology and we intend to announce our production plans for the Atlantic and a timeline by December of this year.”

Henrik Fisker, founder and Executive Chairman of Fisker, said: “The latest financing arrangements mark an important milestone for Fisker. We are now poised to invest in the next generation of extended-range battery electric luxury cars and another chapter in the fast-paced expansion of Fisker Automotive, and are demonstrating our commitment to long-term success.”

About Fisker Automotive, Inc.

Fisker Automotive is a new automaker with a mission to build an innovative, eco-driven company that redefines and reshapes how the world thinks about cars. The company is leading the auto industry with its unique Electric Vehicle with extended range (EVer™) powertrain technology, which combines the power and efficiency of electric drive with the range and freedom of a gasoline engine.

Fisker was established in Southern California in 2007 by top auto designer Henrik Fisker and business partner Bernhard Koehler. In 2008 Fisker unveiled the Karma, the world’s first luxury Electric Vehicle with extended range. On sale since December 2011 the Karma was delivered to the market in record time. The Karma is the first and only American car to have won the coveted BBC Top Gear Luxury Car of the Year award, Automobile magazine named it 2012 Design of the Year, and TIME magazine listed the Karma one of the 50 Best Inventions of 2011.

Fisker is headquartered in Anaheim, California and markets its products through a growing network of independent retailers around the world. Fisker Automotive can be found online at www.fiskerautomotive.com

Reposted from ELectric Love! with permission.

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About the Author

spends most of his time here on CleanTechnica as the director/chief editor. Otherwise, he's probably enthusiastically fulfilling his duties as the director/editor of Solar Love, EV Obsession, Planetsave, or Bikocity. Zach is recognized globally as a solar energy, electric car, and wind energy expert. If you would like him to speak at a related conference or event, connect with him via social media. You can connect with Zach on any popular social networking site you like. Links to all of his main social media profiles are on ZacharyShahan.com.



  • Rubfrg

    The car looks awesome, impressive driving and exquisite handling. Tesla. … Just boring!!

  • http://twitter.com/PrincessMarinaR Marina

    Please refer to paragraph 3 to address your tesla sales vs karma sales comment?

    http://editorial.autos.msn.com/blogs/autosblogpost.aspx?post=14c26d23-bc94-4cc6-91ba-e1658be59fb2#scpshrtu

  • Koloasurf

    Yeah but how many are as cool as the Karma. The ride is comfortable and their not comparison to the style Fisker offer.

    • http://cleantechnica.com/ Zachary Shahan

      It does look like quite a sweet car. And very stylish. :D

  • http://www.facebook.com/matthew.t.peffly Matthew Todd Peffly

    While not in my price range, there was one a a charity event I went to “Ohio Valley Voices 500″. And I have to say it is a nice looking car, didn’t get to drive it :( so can’t judge that; but looks nice.

    • http://cleantechnica.com/ Zachary Shahan

      yeah, i love the look of this one.

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