Tuesday, October 27, 2009

Fisker Automotive Buys GM Plant

Irvine-based Fisker Automotive, a venture backed startup developing electric vehicles, said today that it has acquired a dormant GM plant in Wilmington, Delaware, to build its plug-in hybrid cars. According to Fisker, the new plant will support the firm's Project NINA, affordable plug-in hybrid sedan. Fisker said production is scheduled to begin on the new car in late 2012, and will support 2,000 factory jobs and more than 3,000 vendor and supplier jobs by 2014. Fisker said it will pay $18M to purchase the Wilmington plant from Motors Liquidation Co., (formerly General Motors Corp.), and will spend $175M for refurbishment and retooling the factory. Fisker said the funding for the plan twill come from the $528.7M, Department of Energy loan it received in September. Fisker is venture backed by Eco-Drive (Capital) Partners, Kleiner Perkins Caufield and Byers, Palo Alto Investors, and the Qatar Investment Authority.

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