Orange County Business Journal

Fisker Doubles Target in Latest Financing Round to $300 million

Kari Hamanaka Tuesday, December 20, 2011

Anaheim-based luxury hybrid automaker Fisker Automotive Inc. has increased the amount of private funding it’s looking to raise in its latest round to $300 million, according to a document filed with the Securities & Exchange Commission Monday.

The automaker originally set a goal of $150 million for the current round, and has raised $133 million so far.

Fisker has raised more than $1 billion in private and government funding altogether. The total includes a $529 million Energy Department loan and $21.5 million in grants and loans from the state of Delaware.

Fisker began deliveries of its Karma sedan in October, after the car’s vehicle emissions and drive range were certified by the Environmental Protection Agency.

The Karma is Fisker’s long-awaited debut vehicle. It was originally scheduled for delivery to customers and dealerships in the summer.

Fisker Chief Executive Henrik Fisker told Bloomberg TV last November that the company would start preparations for an initial public offering once it begins deliveries.

Earlier this month Fisker made two major additions to its executive team and board of directors.

Richard Beattie was hired as chief commercial officer, a new position at the company, to oversee marketing, sales and customer service. Beattie is a former executive at Mahwah, N.J.-based Jaguar Land Rover North America and served as chief executive of Irvine-based Mazda North American Operations between 1997 and 2000.

Fisker also added Tom LaSorda, the former chief executive of Auburn Hills, Mich.-based Chrylser Group LLC, to its board in the newly created vice chairman position.

With the Karma now being delivered to buyers, Fisker is looking to begin production of its Surf station wagon and Nina, a midsize sedan, next year.