Fisker Automotive is to receive an additional US$85m in venture capital funding for the development and manufacturing of its Karma plug-in hybrid automobiles, the company has said.

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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, a European-American investment consortium, and Kleiner Perkins Caufield and Byers, an early investor in Fisker, have together agreed to provide the capital.


“We are proud to have Eco-Drive behind us, and to see Kleiner Perkins reaffirm its confidence in our future direction,” said CEO Henrik Fisker.


“This investment is a strong endorsement of our business model and future product offerings in a challenging business environment.”

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Fisker Automotive’s debut model, the 2010 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 company said.


The car, 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 two-litre petrol engine runs a generator that can power the car’s electric motors for another 250 miles before refuelling.


The company recently announced a nationwide network of more than 30 dealers to sell and service the vehicles. Future plans include a lower cost model.