Fisker Makes $10 Million Investment in EV Charging

Fisker Makes $10 Million Investment in EV Charging
Fisker will open a “brand experience center” in L.A. in 2022.

 Fisker Inc. is eyeing vertical integration.
The Manhattan Beach-based electric automaker said it will invest $10 million to support the expansion of a vehicle charging network in Europe.

The funds will go to a private equity firm backing the merger of Allego B.V. with Spartan Acquisition Corp. III, a publicly traded special purpose acquisition company.

 The SPAC is sponsored by an affiliate of Apollo Global Management Inc., an investment manager that also made it possible for Fisker to go public last year.

“Allego has been a long-standing pioneer in the push to create a seamless pan-European electric vehicle charging network,” Chief Executive Henrik Fisker said in a statement.

“Our investment in the PIPE is motivated by strategic and tactical considerations, ensuring we have a stake in the future of EV charging networks while delivering tangible benefits to our customers.”

The deal will secure for consumers who buy Fisker’s Ocean SUV between Jan. 1, 2023, and March 31, 2024, one year of free charging on the Allego network. The companies are also “working on future plans to deliver a seamless charging experience for Fisker customers using the Allego Plug & Charge service,” according to Fisker.

Ocean, the company’s first vehicle, is set to roll off the assembly line in late 2022. It will be manufactured by Canadian company Magna International Inc. at its carbon-neutral facility in Graz, Austria. The electric vehicle will be available through a month-to-month lease at a list price of $37,499. The company has some 17,300 paid reservations for the SUV to date, each requiring a $250 deposit.”

Fisker also said the company plans to open its inaugural brand experience center in Los Angeles in the first half of 2022.

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