Fisker Raises Fresh Capital

Fisker Automotive Inc. has completed a $392 million round of financing, which the company hopes to eventually increase to $500 million.

The Anaheim, Calif.-based hybrid car startup originally set the offering at $150 million. Fisker says several existing and new investors participated in the financing, which boosted its private funding total to more than $1 billion.

The company needs cash to improve its $107,900 Karma extended-range hybrid sedan and resume retooling its assembly plant in Wilmington, Del. The factory is scheduled to begin making the $39,000 Nina plug-in hybrid sedan later this year.

Fisker is due to publicly unveil the Nina on Tuesday ahead of the New York auto show. A Czech Web site that posted a leaked photo of the car says the vehicle will be dubbed the Atlantic.

The company was forced to halt work at the factory in February when the U.S. Dept. of Energy froze the company's $529 million loan. Fisker, which missed sales and development milestones, reiterates that it continues to negotiate with DOE about easing those requirements.