Fisker Automotive has raised $21.5 million in loans from the State of Delaware. The Council of Development Finance in Delaware voted on Monday to approve the loan to Fisker. The company is planning to build a hybrid car at an old General Motors plant in Newport, Delaware.
The loan will become a grant if Fisker spends $175 million to renovate the old GM plant, which would lead to the creation of 2,495 jobs in the next 5 years. Fisker will also receive $9 million to help pay for utility bills while the plant is being set up.
Fisker recently received $529 million in federal loans. The company also raised VC funding from A123 Systems, Ace Investments, and Kleiner Perkins Caufield & Byers. [soCalTech]