Electric vehicle startup Fisker Inc. announced on Wednesday that it raised $ 50 million in badly needed capital to fund the next phase of engineering work on the company's all-electric luxury SUV.
The startup plans to launch the Fisker Ocean SUV in 2022.
The Series C financing round was led by Moore Strategic Ventures LLC, the private investment vehicle of Louis M. Bacon, the billionaire hedge fund manager.
"Since we first showed the car at CES earlier this year, customers and investors have responded extremely positively," said the chairman and CEO of Fisker Inc. Henrik Fisker said in a statement. "We are challenging the conventional industry radically to think about the development and sale of cars, and this capital will enable us to meet our planned vehicle production schedule in 2022."
The company is also strengthening its management team to drive the project forward. Fisker said Burkhard Huhnke was hired as CTO. Huhnke was former vice president of electromobility at Volkswagen America and vice president of automotive at chip manufacturer Synopses.
As CTO, Huhnke will spread his time between the company's research and development work in Los Angeles and the new Fisker Innovation Lab in Silicon Valley.
Building a car company is not easy. Just ask Fisker. The well-known automotive designer, who was behind the Aston Martin V8 Vantage, the Aston Martin DB9 and the BMW Z8, started a startup called Fisker Automotive, which wanted to produce a luxurious plug-in hybrid electric vehicle. The flagship, the Fisker Karma, was unveiled at the North American International Auto Show in 2008. The first deliveries were made in 2011. However, the company faced numerous challenges and production was discontinued in November 2012 and bankrupted a year later.
The Chinese Wanxiang Group bought the remains of Fisker in 2014 and founded a new company called Karma Automotive . By the way: Karma, which had its own financial problems, announced on Wednesday that it raised $ 100 million.
This time, Fisker focuses on an SUV. The Fisker Ocean, officially unveiled at CES 2020 in January, starts at $ 37,499 before federal tax credits or government incentives are applied.