DOE Closes $529M Loan to Fisker for Multiple Plug-in Cars

By · April 23, 2010

The Department of Energy announced today the closing of a $528.7 million loan with Fisker Automotive for the development and production of two lines of plug-in hybrid electric vehicles. This key wording in the press release is the use of the plural and the text describing “a line of family oriented models” produced by Fisker.

The appropriate dignitaries offered quotes—blending the energy-jobs message.

Veep Biden: “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. 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.”

DOE Chief Stephen Chu: “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. And they will bring innovative cars to the market place while putting American workers back on the job.”

The Karma is scheduled to appear in showrooms in late 2010. The purchase and retooling of a former GM plant in Delaware happens later, to manufacture the follow-up more affordable models. Those vehicles are expected to roll off assembly line in late 2012—realistically not until 2013.

New to EVs? Start here

  1. What Is An Electric Car?
    Before we get going, let's establish basic definitions.
  2. A Quick Guide to Plug-in Hybrids
    Some plug-in cars have back-up engines to extend driving range.
  3. Electric Cars Pros and Cons
    EVs are a great solution for most people. But not everybody.
  4. Seven Things To Know About Buying a Plug-In Car
    A few simple tips before you visit the dealership.
  5. Federal and Local Incentives for Plug-in Hybrids and Electric Cars
    Take advantage of credits and rebates to reduce EV costs.
  6. Eight Factors Determining Total Cost of Ownership of an Electric Car
    EVs get bad rap as expensive. Until you look at TCO.
  7. Quick Guide to Buying Your First Home EV Charger
    You'll want a home charger. Here's how to buy the right one.
  8. Electric Car Utility Rate Plans: Top Five Rules
    With the right utility plan, electric fuel can be dirt cheap.
  9. The Ultimate Guide to Electric Car Charging Networks
    If you plan to charge in public, you'll want to sign up for charging network membership (or two).
  10. Eight Rules of Electric Vehicle Charging Etiquette
    Thou shalt charge only when necessary. And other rules to live by.