EV maker Fisker lands $50 million investment

Electric-auto maker Fisker Inc. has lifted $fifty million from hedge fund veteran Louis Bacon, with the money going towards engineering for the SUV it aims to roll out in 2022, the firm claimed.

The offer, completed as a result of Bacon’s private financial commitment auto Moore Strategic Ventures LLC, values Fisker at extra than $1.6 billion in accordance to a individual acquainted with the make a difference, who requested not to be determined discussing private facts.

The Torrance, Calif.-based EV startup was started by Henrik Fisker, who is finest acknowledged for developing luxury cars and trucks at BMW and Aston Martin. He manufactured a former endeavor at an EV.

However, Fisker Automotive, the firm that made it, submitted for bankruptcy in 2013 and its remaining assets were purchased by Chinese car elements maker Wanxiang Group in 2014.

Now he’s betting that the Fisker Ocean, unveiled at the CES in Las Vegas before this yr, can be a feasible rival to Tesla Inc.

“We are radically hard the traditional field pondering about creating and providing cars and trucks,” Fisker claimed in a assertion. “This cash will allow us to execute our planned timeline to get started producing autos in 2022.”

Fisker has also added to its govt workforce, appointing previous Volkswagen Group engineer Burkhard Huhnke as chief technological innovation officer. Huhnke formerly was a senior vice president at Volkswagen of The us, in advance of extra just lately joining technological innovation design and style firm Synopsys Inc. as vice president of automotive.

Fisker has claimed his most up-to-date namesake auto will be available at a decrease price than Tesla’s latest offerings by outsourcing creation to larger conglomerates. Fisker is yet to announce any partnership to manufacture the auto.

Cowen acted as sole adviser and placement agent on the offer, Fisker claimed in the assertion.