Fisker claims another $85 million in VC funding

Following the announcement of 30 dealers signed up to sell its $87,900 luxury plug-in hybrids, Fisker Automotive has just announced another bit of good news: another $85 million in a fourth round of venture capital funding. Some of the money will come from Kleiner Perkins Caufield and Byers, which has already invested in Fisker and helps explain Colin Powell's enjoyment of the car, and the New York-based Eco-Drive (Capital) Partners LLC, a European-American investment consortium. Fisker's official statement says that the financing should be finalized this month. Fisker Automotive CEO Henrik Fisker said he was proud to have Eco-Drive on board and that, "This investment is a strong endorsement of our business model and future product offerings in a challenging business environment." Those future product offerings include the Karma (above) and the Karma S convertible.

[Source: Fisker]

PRESS RELEASE:

Fisker Automotive to Receive Additional $85M for Development of Plug-In Hybrid Cars

California startup Fisker Automotive has secured an additional $85M in venture capital funding. The Fisker Karma sedan will be the first plug-in hybrid to market. (PRNewsFoto/Fisker Automotive, Inc.)

IRVINE, Calif., April 6 /PRNewswire/ -- Fisker Automotive, Inc., a leading producer of advanced green technology automobiles, announced today it has entered into definitive agreements to receive an additional $85 million in venture capital funding for the development and manufacturing of its Karma plug-in hybrid automobiles. The financing is expected to be completed this month and will be the fourth and largest investment round since the company's inception in August 2007.

New York-based Eco-Drive (Capital) Partners LLC, a European-American investment consortium, and Kleiner Perkins Caufield and Byers, an early investor in Fisker, have together agreed to provide the capital.

"The investment by Eco-Drive and Kleiner Perkins validates our vision of joining together the advances in technology for plug-in hybrid powertrains with the ecochic beauty and eco-conscious comfort of the Fisker Karma. We are proud to have Eco-Drive behind us, and to see Kleiner Perkins reaffirm its confidence in our future direction," said Henrik Fisker, Fisker Automotive CEO. "This investment is a strong endorsement of our business model and future product offerings in a challenging business environment."

Fisker Automotive's debut model, the 2010 Fisker Karma, is expected to be the first plug-in hybrid car to market when early production vehicles come off the assembly line late this year. The 2010 Karma, planned to retail for $87,900 before tax credits, is designed to travel approximately 50 miles emission-free, powered by a Lithium-ion battery that can be charged in a few hours from any 110- or 240-volt household outlet. After 50 miles, a 2.0 liter gasoline engine runs a generator that can power the car's electric motors for another 250 miles before refueling.

The company recently announced a nationwide network of more than 30 prestigious retailers that are expected to market and service the vehicles. Future plans include a lower cost vehicle.

Fisker Automotive, founded in August 2007 by auto design house Fisker Coachbuild, LLC, and clean-powertrain developer Quantum Technologies (QTWW), is a privately owned American car company producing premium green automobiles. Global headquarters are located in Irvine, Calif. More information is available online at www.fiskerautomotive.com.

This news release contains forward-looking statements that are based on management's expectations, estimates and projections. These statements are not guarantees of future performance and involve certain risks and uncertainties. Actual results may differ materially from forecasts due to factors beyond the control of the company.