Fisker boosts fundraising plans by $200M

Fisker Karmas

Electric car maker Fisker Automotive has boosted its private fund raising plans by $200 million, according to a filing, and has now raised around $1 billion in private funding. The company, which has been fixing problems with batteries made by A123 Systems (s AONE) for its first electric car the Karma, is now aiming to raise a $500 million round, up from a goal of a $300 million round back in February.
Fisker has closed $392.07 million of this round, according to the filing, up from having closed $263.06 million of the round back in February. So it’s closed almost $130 million in private funding over the past two months.
Fisker has been looking to boost its funding to improve its first car the Karma and to restart production work on its second car, Project Nina, Bloomberg reported a couple weeks ago. Fisker was originally planning to use part of a Department of Energy loan to build the Nina, but the DOE stopped Fisker from drawing down on the rest of that loan last year after Fisker didn’t meet milestones of the loan.
Fisker plans to unveil a prototype of Project Nina, which will reportedly be officially called the Fisker Atlantic, on Tuesday at the New York Auto Show. Fisker also plans to announce a “business update” at the event, which I would guess is this funding. At the end of February, Fisker also brought in a new CEO, former Chrysler Chief Executive, Tom Lasorda.
Back in January Fisker actually boosted this current round (I think it’s a D round) from $150 million to $300 million. Fisker has now raised around a billion dollars now in private funding, and there are 92 investors in Fisker. Venture investors in Fisker include Kleiner Perkins and NEA and Advanced Equities is Fisker’s broker.