Only about two months after raising $190 million, Fisker confirmed with VentureWire that it raised another $100 million in Series C funding.
“I don’t think we needed it,” said Roger Ormisher, the company’s spokesman. “There was more on offer.
“It gives us enough money to fully execute both the Karma and the new project Nina,” said Ormisher, adding that there’s also “a good cushion for executing our business plan.”
That’s roughly the same thing Ormisher said when the company raised $190 million in March, when he told VentureWire: “We were offered additional funding. Obviously it was worthwhile in terms of additional cushion.”
New individuals and venture firms came in, but Ormisher declined to name them. Investors in the company include Kleiner Perkins Caufield & Byers, New Enterprise Associates, A123 Systems Inc., Palo Alto Investors, Qatar Investment Authority and Quantum Fuel Systems Technologies Worldwide.
The Irvine, Calif.-based company started a limited production of Karma in March. The company plans to produce 15,000 Karmas annually, but it’s not clear at what point it hopes to reach this level of production. The company increased the price of the car–each Karma will cost $95,900, a price that’s 19% higher than originally proposed–and delayed its release, after originally promising to start selling in mid-2009.
In February, when VentureWire reported Fisker had closed on $150 million of the $190 million Series B round at a $600 million pre-money valuation, the company said it had enough capital to launch its first car and manufacture the second line, a cheaper sedan called Nina that will cost from $35,000 to $50,000.
A123 Systems, which is supplying batteries to the Karma, projected revenue of $210 million to $225 million for 2011, of which about 47% will come from Fisker, according to analyst Dilip Warrier, at investment bank Stifel Nicolaus & Co. The production of Fisker cars is due to pick up soon.
In a recent interview Ray Lane, managing partner at Kleiner Perkins, said, “Fisker will go public.”
Fisker is up against a number of competitors in the race to build a widely adopted electric vehicle, from large automakers like General Motors Corp. and Nissan Motor Co., to start-ups like Tesla Motors Inc., Coda Holdings Inc. and Think Global.
2009 Tokyo Motor Show about hybrid cars Audi brakes Chevy Volt CO2 emissions electric vehicle environmentally friendly Fisker Automotive Fisker Karma Ford Ford Focus Ford Fusion fuel economy green car Green Car of the Year Honda hybrid car technology hybrid vehicle Infiniti M35 hybrid learn about electric cars Lexus Los Angeles Auto Show luxury car Nissan LEAF plug-in hybrid prius toyota Volkswagen Golf TDI zero emissions
Latest Hybrid Car News
Volvo: new, innovative gasoline plug-in hybrid paves the way for future growth
Stefan Jacoby, President and CEO of Volvo Car Corporation, displayed an electrifying presence at the North American International Auto Show…in Hybrid Car News Read 4886 times Read more...
2013 Ford Fusion Hybrid: Active Noise Cancellation Helps Deliver Quiet Fuel Efficiency
Powertrain noise in the all-new Ford Fusion Hybrid is like the proverbial tree that fell in the forest. With Active…in Hybrid Car News Read 3995 times Read more...
All-New 2014 Honda Accord Plug-In Hybrid Sedan Melds Power, Luxury and Efficiency with Electric-Only Driving Mode
The 2014 Honda Accord Plug-in Hybrid Sedan will provide the athleticism and craftsmanship of the all-new Accord platform, charged with…in Hybrid Car News Read 5298 times Read more...
All-New 2013 Toyota Avalon Features Both Gasoline and Hybrid Powertrains
When the all-new, North American designed and engineered 2013 Avalon goes on sale later this year, consumers can choose between…in Hybrid Car News Read 4875 times Read more...
Lexus Unveils First-Ever ES 300h Hybrid at New York International Auto Show
Lexus today unveiled the all-new 2013 ES lineup, including the ES 350 and ES 300h equipped with Lexus Hybrid Drive.…in Hybrid Car News Read 4574 times Read more...
Monday, 16 May 2011 07:54
Fisker Automotive Fueled With Another $100 Million
Venture investors apparently can’t get enough of Fisker Automotive Inc., which recently began production of its luxury plug-in hybrid sedan called Karma.
Read 2677 times