Fisker Raises $115.3M, Makes Battery Deal with A123 Systems


Photo: Michael Graham Richard
Goodbye EnerDel, Hello A123
Last year, Fisker was negotiating a battery supply deal with EnerDel, but it looks like it didn't go anywhere because A123 Systems is now announcing that it will be supplying Fisker with batteries for the Karma PHEV and for the "Project NINA" second model. A123 will also invest $23 million in Fisker, which is part of a larger package of $115.3 million raised by the company to access the $528.7 million U.S. Department of Energy conditional loan. Other investors include Ace Investments and Kleiner Perkins Caufield & Byers.
Photo: Michael Graham Richard
Made in Michigan
About the battery deal, A123 wrote:

"A123 Systems will provide Fisker Automotive with advanced automotive battery systems that combine high power and energy density with excellent safety and life performance -- characteristics required to meet Fisker's stringent technical specifications. Fisker Automotive and A123 will also collaborate on Fisker's Project Nina platform, with the intent of having A123 supply batteries for that vehicle based on meeting the automaker's performance and delivery requirements. Project Nina is expected to launch in 2012."

This is a multi-year agreement, and A123 plans to manufacture the cells and systems at its Livonia, Michigan factory with production scheduled to begin later in 2010.

The expanded Livonia plant should be able to make about 320,000 hybrid-vehicle battery packs and more than 24,000 plug-in hybrid packs a year, creating more than 500 jobs.

A123, like Fisker, got a part of the DoE pie: "A123 received $249 million in grant money from the U.S. Department of Energy's Advanced Technology Vehicles Manufacturing Incentive Program."

Via Fisker, A123 Systems
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Tags: Electric Cars | Electric Vehicles | Hybrid Cars | Transportation

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