Department of Energy announces closing of $529 million loan Loan to Fisker

2011 Fisker Karma

The U.S. Department of Energy yesterday announced the closing of a $528.7 million loan to Fisker Automotive for the development of tow plug-in hybrid electric-vehicles. The loan will give Fisker the resources to produce the Karma plug-in hybrid sedan and a line of family oriented models being developed under the company”s Project NINA program.

“The story of Fisker is a story of ingenuity of an American company, a commitment to innovation by the U.S. government and the perseverance of the American auto industry,” said Vice President Joe Biden. “The Boxwood Plant is opening again, employing workers in Delaware, and is serving as a roadmap for all we can accomplish if everyone works together. Thanks to real dedication by this Administration, loans from the Department of Energy, the creativity of U.S. companies and the tenacity of great state partners like Delaware ““ we”re on our way to helping America”s auto industry reclaim its top position in the global market.”

Fisker said that it expects to build the Karma and Project NINA lines at a recently closed General Motors facility in Wilmington, Delaware. Fisker anticipates that it will employ 2,000 assembly workers.

The Fisker Karma is scheduled to appear in showrooms in late 2010. The Project NINA line is expected to begin rolling off the assembly line in late 2012.

Click here for more news on the Fisker Karma.

Refresher: Power comes from Fisker”s Q-DRIVE system, which is made up of two 201-hp electric motors that are powered by a lithium-ion battery pack. That allows the 2010 Karma to travel up to 50 miles without the use of any gasoline. A generator attached to a 260-hp turbocharged 2.0-liter Ecotec direct injection gasoline engine by General Motors provides an extended range of up to 300 miles. 0 to 60 mph comes in 5.8 seconds with a top speed of 125 mph.

2011 Fisker Karma:

2010 Fisker Karma

– By: Omar Rana