Fisker Automotive Receives $528.7M Loan to Move the Auto Industry into the 'New World'
The U.S. Department of Energy has agreed to loan Fisker Automotive $528.7 million to further develop the auto-maker's Project NINA.
Project NINA incorporates Fisker Automotive's design, engineering, and assembly of next-generation plug-in hybrids. The name of the project--NINA--is inspired by Christopher Columbus' ship, and symbolizes the automobile industry's transition from old world to new world.
Some of the loan money will be used to finalize the development of Fisker's first plug-in hybrid, the Karma. On average, the Karma gets a fuel economy of 100 mpg. And the company says, if the car is driven less than 50 miles per day and fully charged overnight, it is possible the Karma will use only one tank of gas per year. The current price for the Karma is $87,900 before tax credits.
By 2012 Fisker Automotive expects to launch a family oriented plug-in hybrid, whose price is expected to be much lower than the Karma.
Henrik Fisker, the CEO of the California-based automobile company said this federal loan "represents a significant step in America's future. With it Fisker Automotive can rapidly develop affordable clean cars that satisfy our passion for driving and help restore the US as an auto industry leader."
Read the full story at Fisker Automotive: Fisker Automotive and US Department of Energy Agree to Terms for $528.7M Loan
Nathanael Baker is the Managing Editor of EnergyBoom. He has researched and reported on the issues of renewable energy, sustainability, and climate change for over two years. He has provided research to the New York Times and The Economist, as well as being published on different media outlets including, The Energy Collective.
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