Fisker Automotive Adds on $21.5M in Loans from Delaware


Fisker Automotive, just days after sealing the deal on nearly $529 million in loans from the federal government, has won approval from Delaware officials to receive a $21.5 million loan from the state.

In a public hearing on Tuesday, the Delaware Economic Development Office’s advisory council recommended that the agency award the loan, designed to convert to a grant after five years if Fisker meets certain requirements. Under the terms recommended today, the loan would convert if the Irvine, Calif.-based startup invests at least $175 million retrofitting the shuttered General Motors facility where it plans to build plug-in hybrid vehicles, and hires at least 2,495 workers at the Wilmington, Del. plant.

Previously, Fisker has said it expected to invest $175 million over three years retooling the plant, which fell into the group of “bad” assets left in bankruptcy after the “New GM” emerged from bankruptcy.

In addition to the $21.5 million in direct aid, the Delaware Economic Development Office’s advisory board has given the nod for a $9 million grant to help cover Fisker’s utility bills at the facility.

Fisker has said it intends to produce a $47,400 plug-in hybrid vehicle, dubbed Project Nina, at the Delaware facility starting in 2012. The 3-year-old startup’s inaugural plug-in hybrid model, the $87,900 Fisker Karma, is scheduled to launch later this year in the U.S. and Europe, with Finland’s Valmet Automotive responsible for assembly.


pat jennings

we at pes represent delagostti, and are trying to develop an electric suv, can you assist us as no charging at all is needed, regards pat

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