Fisker Automotive Gets $528.7M Loan

Irvine-based Fisker Automotive, which is developing electric vehicles, is the recipient of a $528.7M loan from the federal government, according to the Energy Department. According to the Energy Department, it expects the loan will result in approximately 5,000 jobs created or saved for domestic parts suppliers, and will cut the country's dependence on foreign oil. The loan is the fourth from the Department of Energy, which has also given loans to Ford, Nissan, and Tesla Motors. The DOE said that $169.3M of the loan will go towards engineering integration costs for the Fisker Karma, and $359.36M for Project Nina, a plug-in hybrid project targeted for release in 2012. The government funding comes on top of venture funding from such backers as Eco-Drive Capital Partners and Kleiner Perkins Caufield and Byers.