Fisker Automotive to Receive Additional $85M for Development of Plug-In Hybrid Cars



    IRVINE, Calif., April 6 /CNW/ -- Fisker Automotive, Inc., a leading
producer of advanced green technology automobiles, announced today it has
entered into definitive agreements to receive an additional $85 million in
venture capital funding for the development and manufacturing of its Karma
plug-in hybrid automobiles. 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.
    

    (Photo: http://www.newscom.com/cgi-bin/prnh/20090406/LA94690)
    (Logo:  http://www.newscom.com/cgi-bin/prnh/20070905/LAW009LOGO)

    
    New York-based Eco-Drive (Capital) Partners LLC, a European-American
investment consortium, and Kleiner Perkins Caufield and Byers, an early
investor in Fisker, have together agreed to provide the capital.
    

    
    "The investment by Eco-Drive and Kleiner Perkins validates our vision of
joining together the advances in technology for plug-in hybrid powertrains
with the ecochic beauty and eco-conscious comfort of the Fisker Karma. We are
proud to have Eco-Drive behind us, and to see Kleiner Perkins reaffirm its
confidence in our future direction," said Henrik Fisker, Fisker Automotive
CEO. "This investment is a strong endorsement of our business model and future
product offerings in a challenging business environment."
    

    
    Fisker Automotive's debut model, the 2010 Fisker 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 2010 Karma, 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 2.0 liter
gasoline engine runs a generator that can power the car's electric motors for
another 250 miles before refueling.
    

    The company recently announced a nationwide network of more than 30
    
    prestigious retailers that are expected to market and service the
vehicles. Future plans include a lower cost vehicle.
    

    
    Fisker Automotive, founded in August 2007 by auto design house Fisker
Coachbuild, LLC, and clean-powertrain developer Quantum Technologies (QTWW),
is a privately owned American car company producing premium green automobiles.
Global headquarters are located in Irvine, Calif. More information is
available online at www.fiskerautomotive.com.
    

    
    This news release contains forward-looking statements that are based on
management's expectations, estimates and projections. These statements are not
guarantees of future performance and involve certain risks and uncertainties.
Actual results may differ materially from forecasts due to factors beyond the
control of the company.
    

    

    
    Inquiries: Russell Datz
    Phone: 714-888-4255 x116
    Mobile: 917-678-8038
    Fax: 714-888-4256
    rdatz@fiskerautomotive.com
    www.fiskerautomotive.com


    




For further information:

For further information: Russell Datz of Fisker Automotive, Inc.,
+1-714-888-4255 x116, Mobile: +1-917-678-8038, Fax: +1-714-888-4256,
rdatz@fiskerautomotive.com Web Site: http://www.fiskerautomotive.com

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FISKER AUTOMOTIVE INC.

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