Fisker Automotive says it has completed the initial closing of its current equity financing, representing in excess of US$100 million of new funding.
The company says the initial closing will provide the company with funding for continued product development, market expansion and a new global marketing campaign for the Fisker Karma.
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Fisker expects to continue to utilise equity financing to support its business plan that combines continued sales of its inaugural Karma model with market expansion into the Middle East and China markets, along with further development work on its second production model, the mid-size Atlantic sedan.
Since its inception in 2007, Fisker Automotive has raised over $1.2 billion in private equity and borrowed $193 million under the Department of Energy Advanced Technology Vehicle Manufacturing (ATVM) loan program. In the last 18 months, the company has raised in excess of $600 million in private equity, with nearly $300 million of this total coming since it brought the award-winning Karma to market in December last year.
Tony Posawatz, Fisker’s CEO said: “This is another major vote of confidence in Fisker’s pioneering technology and business model. We are grateful to both our investors and our initial customers who have supported our company and are quickly becoming our biggest advocates.”
Since being launched in December, nearly 1,500 Fisker Karma sedans have been delivered to customers in the US and Europe, bringing the company a further stream of revenue and helping to attract new investment interest.
Adds Tony Posawatz: “The Karma is already a testament to US automotive innovation and advanced technology and we intend to announce our production plans for the Atlantic and a timeline by December of this year.”
Henrik Fisker, founder and Executive Chairman of Fisker, said: “The latest financing arrangements mark an important milestone for Fisker. We are now poised to invest in the next generation of extended-range battery electric luxury cars and another chapter in the fast-paced expansion of Fisker Automotive, and are demonstrating our commitment to long-term success.”
