Fisker Gets Approval On $529M Loan From DOE

The Department of Energy said Friday that it has approved a $529M loan to Irvine-based Fisker Automotive, as part of the US Department of Energy's $25-billion Advanced Technologies Vehicle Manufacturing Loan Program. Fisker, which is developing plug-in hybrid electric cars, said the funding will go to develop affordable, plug-in hybrids made in the USA. The firm said it expects to create or save at least 5,000 jobs among auto suppliers as part of its efforts. Fisker said the funding goes toward Project NINA, its plug-in hybrid which it expects to start at around $39,900 after tax credits, as well as for its current development of its Fisker Karma. Fisker is venture backed by A123 Systems, Ace Investments, and Kleiner Perkins Caufield & Byers.