Fisker Looking to Raise Another $100 Million By Month's End
As it puts public relations setbacks behind it, Fisker Automotive is reportedly negotiating an additional $100 million in private funding and is on its way toward $1 billion in private equity raised to date.
According to a U.S. regulatory filing, the California-based automaker has secured $896 million as of Feb. 10, and Bloomberg reports that current talks for the sizable additional chunk are in progress, thus sources declined to be identified.
Following February reports that the U.S. Department of Energy froze Fisker’s $529 million low-interest loans because it did not meet a Karma production deadline, Fisker said it had options aside from taxpayer money, and it would seem this is so.
It remains to be seen whether Fisker can renegotiate the terms of the DOE loans. It has been observed that a cold wind has been blowing against it and other would-be recipients from the DOE’s loan programs following the failure of solar panel manufacturer Solyndra, energy storage firm Beacon Power Corp and battery supplier Ener1.
As the DOE money had been, the private funds are primarily earmarked for Fisker’s plans to produce Project Nina vehicles at its rehabilitated former GM assembly plant in Wilmington, Del.
Fisker has high hopes for its extended-range electric 2013 Nina. The car is said to be sleekly styled, and is scheduled to be unveiled in concept form at the New York International Auto Show in a couple weeks.
Its price is to start at around $47,000 and Fisker has said after a suitable ramp-up period, it would like to build 100,000 copies per year of three variants ultimately to be revealed.
The company has had more than its share of delays of varying degrees, but if plans pan out, it will mean the new American automaker will be using a former GM plant to create competition for the Chevrolet Volt.
We’ve noted armchair critics have said the odds are long against it, but it is too soon to tell, and in speaking with its representatives, we know Fisker is not close to calling it quits. On the contrary, it has said a bumpy road is part of the ride, but it is still en route to the planned destination.