x Abu Dhabi, UAEWednesday 26 July 2017

Green light for Fisker plug-in as company raises enough cash

los angeles // Fisker Automotive looks close to launching its plug-in hybrid electric car after claiming to have raised $35 million of private equity to close to the $189 million funding it required for production. The total includes the $115 million Fisker said it had secured in January, when it cleared a key financing hurdle to draw on US government loans. The US administration has awarded billions in grants and other financing for US companies to develop next-generation battery technology. The California-based start-up closed a $529 million US Energy Department loan in April. The Karma, Fisker's plug-in hybrid electric vehicle, is a rechargeable sports car, scheduled to start production this year. It is designed to travel 80km on a single charge and has a gasoline generator that extends the range an additional 400km. The car, which will sell for around $87,900, will be built in Finland by Valmet Automotive.