The U.S. Energy Department reportedly has hired investment bank Houlihan Lokey to track the capital-raising efforts of Anaheim-based luxury hybrid vehicle maker Fisker Automotive Inc.
The energy department has provided about $193 million in loans to the automaker but recently froze an additional $336 million credit line after production delays with Fisker’s Karma sedan.
The energy department has attracted congressional scrutiny of its loan programs in the aftermath of a September bankruptcy filing by Fremont-based solar-panel maker Solyndra LLC, a loan recipient.
Bloomberg reported that Los Angeles-based Houlihan Lokey had been hired to look into Fisker. The federal agency confirmed only that the investment bank was working on certain, unspecified accounts.
“To ensure the strongest possible management of its portfolio, the department’s loan program often hires industry-leading consultants to supplement the work performed by experts in the program,” the Energy Department told Bloomberg in a statement. “In October 2011, the department contracted with Houlihan Lokey to provide expert assistance on a variety of projects in the portfolio.”
Fisker has 47 U.S. dealers and has delivered about 800 Karmas, generating $100 million in revenue.
Separately last week, Fisker said it has extended its international sales reach with a new agreement with Al-Futtaim Group. Fisker’s plug-in hybrids will be sold in markets through the Middle East and North Africa in retail outlets operated by Al-Futtaim.
—Chris Casacchia
