“The story of Fisker is a story of ingenuity of an American company, a commitment to innovation by the U.S. government and the perseverance of the American auto industry,” said Vice President Joe Biden. “The Boxwood Plant is opening again, employing workers in Delaware, and is serving as a roadmap for all we can accomplish if everyone works together. Thanks to real dedication by this Administration, loans from the Department of Energy, the creativity of U.S. companies and the tenacity of great state partners like Delaware – we’re on our way to helping America’s auto industry reclaim its top position in the global market.”

Fisker, a startup based in southern California, expects to manufacture the Karma and Project NINA lines at a recently shuttered General Motors factory in Wilmington, Delaware. Fiskeranticipates that it will employ 2,000 American assembly workers. Industry experts expect that domestic parts suppliers and service providers also will increase employment substantially.

“Not only will the Fisker projects contribute to cleaner air and reduced carbon emissions, these plug-in hybrid cars will help put American ingenuity at the forefront of automotive design and production,” said Secretary Chu. “And they will bring innovative cars to the market place while putting American workers back on the job,” Secretary Chu added.

Fisker’s plug-in hybrid products will be among the first to market and will help to accelerate the introduction of fuel-saving electrified vehicles in the U.S. When full production is reached in 2015,  Fisker estimates annual sales at up to 115,000 vehicles. Combining Fisker projected sales volume with the expected sales volume of the Nissan Leaf and the Tesla Model S, sales of electric and PHEVs funded with DOE ATVM loans could exceed 300,000 annually.

Initially, Fisker Automotive will use the proceeds of the loan for qualifying engineering integration costs as it works with primarily U.S. suppliers to incorporate components into the Karma’s design. The engineering integration work will be conducted in Irvine, California, where engineers will design tools and equipment and develop manufacturing processes. The Karma is scheduled to appear in showrooms in late 2010. The second stage will involve the purchase and retooling of the former GM plant to manufacture the Project NINA line of PHEVs, which is expected to begin rolling off the assembly line in late 2012.

Fisker automobiles are driven by electric motors that get their power from a rechargeable Lithium-ion battery, or, when that is depleted, by a generator driven by an efficient gas-powered engine. The Karma and Project NINA models will have an all-electric, tailpipe-emission-free range of 40 to 50 miles on a full charge, more than most Americans drive each day. The battery can be charged at home overnight. Using gas and electric power, Fisker plug-in hybrids are expected to have a cruising range of up to 300 miles.

The Department of Energy’s Advanced Technology Vehicle Manufacturing Program supports the development of advanced technology vehicles with improved fuel efficiency which help reduce the nation’s dependence on oil. This is the fourth loan arrangement signed by DOE with an advanced technology vehicle manufacturer.

Beginning March 1 Fisker Automotive’s global headquarters in Irvine, California will house all design, engineering, sales, marketing, and administrative operations. The company expects the number of new hires to expand dramatically.

About Fisker Automotive

Fisker Automotive is a green American premium sports car company with a mission to create a range of beautiful environmentally friendly cars that make environmental sense without compromise.

The concept was created between two independent companies who clearly wanted to make a difference in not only the automotive industry, but to the environment as well. Fisker Coachbuild, LLC and Quantum Technologies announced this joint venture partnership in September 2007. Fisker Coachbuild will provide exclusive design services for Fisker Automotive while Quantum Technologies (QTWW – a publicly traded company) will provide the latest technological advancements. Each car will feature cutting-edge plug-in hybrid penned as Q DRIVE exclusively for all Fisker Automotive vehicles.

Source: Fisker

Significant investments from major venture capital firms, a half-billion dollar conditional loan from the U.S. government and the establishment of a global network of independent retailers highlight the new American automaker’s rapid growth.

Since its founding in August 2007 Fisker Automotive has:• Assembled a team of forward-looking auto industry veterans with more than 200 years of collective experience• Introduced the world’s first premium plug-in electric hybrid vehicle, the Fisker Karma• Established global headquarters in Irvine, California and a first-class engineering facility in Pontiac, Michigan • Appointed a network of 42 independent U.S. retailers and three European distributors with proven track records in customer satisfaction • Partnered with Tier 1 automotive suppliers • Applied for more than 50 patents • Been awarded a $528.7 million U.S. Department of Energy conditional loan • Announced Project Nina, the development of an affordable, family-oriented plug-in hybrid for 2012 that will ultimately create more than 5,000 U.S. jobs • Signed a letter of intent to purchase an assembly plant in Wilmington, Delaware • Secured more than 1,500 customer deposits; • Been featured on the cover of the June 8, 2009 issue of Forbes magazine as “The Next Detroit.”

Fisker Automotive is a green American premium sports car company with a mission to create a range of beautiful environmentally friendly cars that make environmental sense without compromise.The concept was created between two independent companies who clearly wanted to make a difference in not only the automotive industry, but to the environment as well. Fisker Coachbuild, LLC and Quantum Technologies announced this joint venture partnership in September 2007. Fisker Coachbuild will provide exclusive design services for Fisker Automotive while Quantum Technologies (QTWW – a publicly traded company) will provide the latest technological advancements. Each car will feature cutting-edge plug-in hybrid penned as Q DRIVE exclusively for all Fisker Automotive vehicles.A new segment is being created within the auto industry where people can really use their power of choice. They can choose to be environmentally friendly with their car purchase without compromising on the style and luxury that they are used to. We believe in less compromise and more efficiency. Fisker Automotive strives to be a serious environmental alternative to other premium performance luxury cars on the road today. Fisker Automotive will be the first company in the world to have this type of a car on the road – a beautiful fast car that makes environmental sense. Initial production is anticipated to be 15,000 vehicles annually with pricing to start at $87,900.