- Fisker — the designer and manufacturer of eco-friendly electric vehicles and advanced mobility solutions — announced that it has completed a $50 million Series C round
Fisker — the designer and manufacturer of eco-friendly electric vehicles and advanced mobility solutions — announced that it has completed a $50 million Series C financing round of funding by Moore Strategic Ventures, LLC (the private investment vehicle of Louis M. Bacon).
This round of funding will be used to support the next phase of engineering work on the Fisker Ocean all-electric luxury SUV, which is due for launch in 2022. Cowen had acted as the company’s sole advisor and placement agent on the financing.
And as the company continues to progress the Fisker Ocean towards its planned production launch, the company is also announcing key executives joining the company in permanent and advisory capacities.
Burkhard Huhnke was named chief technology officer (CTO) of Fisker Inc. Huhnke comes with an extensive background working for automakers and technology companies – having served as the former vice president of e-mobility for Volkswagen America and vice president of automotive at chipmaker Synopses. And Huhnke will lead Fisker’s R&D activities in Los Angeles as well as the newly established Fisker Innovation Lab in Silicon Valley, home to the company’s investments in software related innovations for future vehicles and services.
Huhnke is joining a growing Fisker Inc. executive team that also includes Martin Welch (senior vice president of engineering) — who has been leading the company’s engineering function and development for the Fisker Ocean program since early 2019. And Welch has also worked extensively across the automotive industry, including positions at McLaren cars and Aston Martin.
The company also recently announced it appointed Simon Sproule as communications advisor to the CEO. Sproule was the vice president of communications for Toptal. And Sproule will support Henrik Fisker and the company in an advisory capacity.
History Of Fisker
Henrik Fisker, chairman and CEO of Fisker Inc., has been a well-known designer of luxury vehicles for years now. He has been credited for designing the BMW Z8, Aston Martin DB9, Aston Martin V8 Vantage, and Galpin-Fisker Mustang Rocket. The Fisker Karma flagship vehicle debuted at the 2008 North American International Auto Show and the deliveries began in 2011.
But the production of the vehicles were suspended in 2012 due to the bankruptcy of battery supplier A123 Systems. And in 2014, Fisker Automotive’s assets were acquired by Wanxiang Group. The new company was renamed Karma Automotive as Henrik Fisker kept the Fisker trademarks and the Fisker brand. Interestingly, Karma Automotive raised $100 million this past week.
Key Quotes:
“Since we first showed the car at CES earlier this year, reaction from customers and investors has been extremely positive. We are radically challenging the conventional industry thinking around developing and selling cars and this capital will allow us to execute our planned timeline to start producing vehicles in 2022.”
“As we accelerate the development of the Fisker Ocean, I am excited to keep building an executive team capable of delivering our brand, product, and service experiences. We are seeing a profound disruption in the automotive industry, where digital customer experiences and software will join emotive design to become major brand pillars for any future car company. Fisker Inc. is ideally positioned to take full advantage of this transformation.”
– Henrik Fisker, chairman and CEO of Fisker Inc.
