Fisker Karma

Fisker seeks additional $100 million to reopen Delaware plant and produce Nina model

Fisker is working on obtaining an extra $100 million in fundraising by the end of March to meet its $1 billion goal.

Fisker Automotive Inc, a manufacturer of luxury plug-in cars, is reportedly seeking roughly $100 million in funds to reopen a now defunct Delaware plant, according to Bloomberg News. The estimated $100 million needed in fundraising must be accrued by the end of March in order to reach the company’s goal of $1 billion in private money. As of Feb. 10, the California-based automaker had raised $896 million from private investors, according to U.S. regulatory filing. Bloomerg reports that the news comes from two Fisker officials who wish go unnamed. Additionally, Russell Datz, a Fisker spokesperson has declined to comment.

Although the monetary success of Fisker had looked promising, has suffered multiple setbacks including not meeting loan conditions and production demands. Even though Fisker was the recipient of a $529 million loan from the Department of Energy, the electric car company has received under $200 million. To make matters worse, increasing pressure against the Obama Administration to cut spending could mean that Fisker might never receive the remaining $336 million it is owed.

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