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Fisker nets $528 million from Energy Department for hybrid development

Tue, 22 Sep 2009

Fisker Automotive is building its reputation on producing eco-friendly, luxurious cars. And today, the California company is a shade greener, thanks to the U.S. government.

Fisker has been approved to get $528 million in low-interest loans from the Department of Energy. Most of that money will go towards developing a more affordable, next-generation of plug-in hybrids, expected to start at about $39,900 after tax credits. That's about half of the sticker of Fisker's first product, the plug-in Karma sedan due next year.

Some of the federal money also will be used for finalizing development of the Karma.

Fisker calls its next-gen hybrid technology program Project Nina, which is in reference to one of the ships of explorer Christopher Columbus. The program symbolizes the transition to new technologies.

Fisker is aiming to launch its next family-oriented plug-in by 2012 with expected global sales of 100,000.

By Greg Migliore