Fisker Automotive In Deal With A123, Gets $23M

Irvine-based plug-in hybrid automobile developer Fisker Automotive has scored $23M in an investment, as part of a deal with lithium ion battery maker A123 Systems, the firms said Thursday morning. According to A123 Systems, it is in a battery supply agreement with Fisker, to supply battery systems for the Fisker Karma plug-in hybrid. As part of the battery supply deal, A123 said it intends to invest up to $23M in Fisker Automotive's current funding round, as part of a strategic relationship. A123 said the investment would include $13M in cash, plus $10M in A123 common stock. Fisker is looking to launch its Karma in late 2010.