Fisker hopes to raise $150 million to fund operations, reach breakeven

Article by Anita Panait, on August 17, 2012

Fisker Automotive is planning to raise around $150 million in additional funds to remain afloat and to achieve breakeven until it could commence production of its second model, Ray Lane, a director at the carmaker and a managing partner at venture firm Kleiner Perkins Caufield & Byers, told Reuters.

Fisker has managed to amass over $1 billion in private financing from venture firms and others since it was established in 2007. Fisker, the maker of the $100,000-plus Karma hybrid sports car, learned earlier this year about being denied access to more than half of a $529-million government financing that was the basis of its business plan.

According to Lane, Fisker needs money on its balance sheet to fund operating expenses and to finance the development of the next car. The carmaker has raised over $400 million in venture funds in the past 12 months, but it still needs $150 million to achieve breakeven. The carmaker mulls calling out for financial support from investors in 2013 just to raise more money, Lane told Reuters.

He, however, declined to specify how much money Fisker still needs overall. Lane disclosed that if Fisker achieves breakeven, it could launch an initial public offering or a sale to a strategic investor in late 2013. Fisker initially had planned to replace its government-backed loan with high-yield debt plus equity, but trashed the plan in favour or increasing equity, Lane said.

Fisker Automotive of California introduces the Fisker Karma, the first true electric vehicle with extended range (EVer) and a sweeping demonstration of automotive possibilities.

Loosely interpreted from Hindi, Karma suggests that good deeds obtain rewards. The Fisker Karma permits drivers who value elegance and performance to purchase and appreciate a vehicle that is also ecologically aware, a vehicle that reaches fuel economy and emissions standards that are completely beyond what the conventional luxury vehicles of today are capable of.

Integrating stunning, sleek styling with superior performance, extremely low fuel use, and no emissions, the four-doored, four-seater Karma embraces the Fisker’s pledge to create an uncompromised responsible luxury vehicle that deliver genuine drive enjoyment.

The Karma, a completely new car with new innovations from a brand-new company, will arrive this summer in showrooms and will set new standards for delivery to market after its unveiling as a concept car in 2008 and creating the EV first-class luxury segment.

With its exclusive EVer powertrain, drawing inspiration from military stealth technology, the Karma can achieve zero-to-60 mph in a mere 5.9 seconds and can still achieve annually the equal of over 100 mpg and 83 g/km CO2 emissions in real-world situations.

Topics: fisker

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