[Wimbledon]

http://www.worldcarfans.com/109092321958/fisker-approved-for-529m-government-loan

Fisker has been awarded a $529 million dollar low-interest government loan by the US Department of Energy.

The company will use $169.3 million dollars to finalize the manufacturing and supplier processes needed to produce the highly anticipated Karma plug-in hybrid. This is important because more than 65 percent (based on cost) of the Karma’s components come from US suppliers.

As we have previously reported, the Karma uses two electric motors that produce up to 375 kW (403 hp) and 1,300 Nm (959 lb/ft) of torque. Power comes from a 200kW lithium-ion battery pack, which is recharged by a GM-sourced four-cylinder engine with 260 hp. When the battery is fully charged, the car can travel up to 50 miles (80.5 km) before the petrol engine kicks in to recharge it. This unique powertrain allows the Karma to accelerate from 0-60 mph in less than six seconds, before hitting a top speed of 125 mph (201 km/h). More importantly, the Karma is expected to consume just 3.5L/100km (67.2 mpg) while emitting 83 grams of CO2/km.

Fisker has already received more than 1,500 orders for the Karma, which is impressive considering it doesn’t go on sale until summer 2010.

The rest of the loan will be used to finance Fisker’s ‘Project Nina’. While details are limited, Fisker says Nina production will begin at a US factory in late 2012. Priced around $45,000 USD ($39,000 USD after government incentives), sales of the speculated family sedan are expected to total between 75,000-100,000 units per year.

 

[Wimbledon]

And here is the press release from Fisker:

* Funds awarded to develop affordable plug-in hybrids made in USA

* At least 5,000 direct and indirect US jobs to be created or saved

* An estimated 821 million gallons of gasoline will be saved and 8 million tons of
CO2 offset from sales of Fisker plug-in hybrids through 2016

IRVINE, CA – Sept. 22, 2009: Fisker Automotive and the US Department of Energy have agreed to terms for a loan of more than half a billion dollars to create affordable, fuel-efficient plug-in hybrid electric cars.

A majority of the low-interest funds will go toward Project NINA, which will see the design, engineering and assembly of Fisker Automotive ’s next-generation plugin hybrids, starting at about $39,900 after tax credits. The remainder will help finalize development of the Fisker Karma, the technology leading plug-in hybrid that will enable the company to develop such lower cost models.

Fisker Automotive expects to create or save at least 5,000 US jobs among auto suppliers and thousands more to manufacture a plug-in hybrid in the U.S. Project NINA – inspired by the ship belonging to explorer Christopher Columbus — is symbolic of the automobile industry’s transition from old world to new.

By 2012 Fisker Automotive is expected to launch a family oriented, user friendly plug-in hybrid featuring cutting edge technology, radical styling and world-class quality. Global sales are predicted to exceed 100,000 units annually. A significant percentage will be exported, helping to balance the US trade deficit.

“This conditional loan represents a significant step in America’s future,” said Henrik Fisker, CEO. “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.”

All Fisker automobiles prove eco-friendly vehicles can be stylish, functional and exciting. They combine the low energy-cost and tailpipe-emission free benefits of an all-electric car with the unlimited range of a gasoline powered car.

The funds are part of the US Department of Energy’s $25-billion Advanced
Technologies Vehicle Manufacturing Loan Program, created by Congress in November 2008 to help promote the development of energy-efficient, advanced-technology vehicles.

Fisker Automotive has already created hundreds of jobs by partnering with Tier 1 US automotive suppliers to develop the Karma. The company has also recruited a network of 45 premium retailers to market and service its vehicles. With Project NINA, that network is expected to grow to more than 100 US retailers, in addition to those in Europe, Asia and the Middle East.

The Fisker Karma’s real-world, annual average fuel economy can exceed 100mpg, significantly more than that of today’s hybrids. Its exclusive Q-DRIVE® powertrain is expected to deliver an emission-free 50 miles per full charge of its Lithium-ion battery, and a total extended range of more than 300 miles through the use of its gasoline powered engine/generator. If driven fewer than 50 miles per day and fully charged overnight it is possible the Karma can use as little as one tank of gas per year. More than 1,500 of the plug-in hybrids have already been ordered.

It is estimated some 821 million gallons of gasoline will be saved and 8 million tons of CO2 offset from sales of Fisker plug-in hybrids through 2016, based on SAE J2841 Electrical Usage Statistics.