Friday, April 30, 2010

Fisker Nabs $21.5M From Delaware

Irvine-based electric car maker Fisker Automotive has snagged $21.5M more in loans, this time from the State of Delaware. The state's Council on Development Finance voted MOnday to approve $21.5M in a loan to Fisker, which is looking to build a hybrid car at an old General Motors plant in Newport, Delaware. According to reports from local Delaware media, the loan will become a grant if the firm spends at least $175M renovating the GM facility, and creates at least 2,495 jobs in the next five years. The firm will also get $9M to help pay utility bills while the plant is retrofitted and restarted. Fisker recently closed on $529M in federal loans for its electric auto efforts, in addition to venture funding from A123 Systems, Ace Investments, and Kleiner Perkins Caufield & Byers.