High-end green car maker Fisker Automotive, Inc. has completed its Series C financing round with a total investment of $65 million. The round was led by a new investor, an affiliate of Qatar Investment Authority (QIA). Existing investors Palo Alto Investors and Kleiner Perkins Caufield & Byers also participated.
The money raised will be used to support the development of Fisker Automotive’s first production car, the Fisker Karma. The first-of-its-kind four-door plug-in hybrid premium sports car was unveiled in January at the North American International Auto Show (NAIAS).
The vehicle features plug-in hybrid technology, called Q DRIVE, developed by Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW). Initial deliveries of the Karma are expected to commence in 4Q09 with annual production projected to reach 15,000 automobiles.
"We are extremely pleased to have closed our C financing round at this time, particularly in light of the current market conditions," said Henrik Fisker, CEO, Fisker Automotive, Inc.
Fisker Automotive is seen as a direct competitor to Tesla Motors, which recently began production on it’s all-electric, two-door Roadster. Tesla also has a four-door all-electric vehicle in development.
Fisker Automotive, Inc.
Fisker Automotive is a privately owned car company with Henrik Fisker serving as the CEO. Fisker Automotive was founded in 2007 by Quantum Fuel Systems Technologies Worldwide, Inc. and Fisker Coachbuild, LLC.
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