Fisker Raises $50 Million for Engineering Efforts

Fisker Raises $50 Million for Engineering Efforts
A rendering of Fisker Inc.'s first electric SUV

Torrance-based electric vehicle manufacturer Fisker Inc. has raised $50 million in a Series C funding round led by Louis Bacon’s private investment vehicle Moore Strategic Ventures. The company also named Burkhard Huhnke as its chief technology officer.

Fisker said in a statement that it will use the new funding to support further engineering work on its Fisker Ocean electric luxury SUV, due to be launched in 2022.

“Since we first showed the car at CES earlier this year, reaction from customers and investors has been extremely positive,” said Henrik Fisker, the company’s founder and chief executive. “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.”

Fisker’s new CTO, Huhnke, has spent the bulk of his career in the automotive technology space. He served as senior vice president of emobility at Volkswagen Group of America Inc., and as vice president of automotive at Silicon Valley chip-maker Synopsys Inc.

According to Fisker, Huhnke will lead the company’s research and development work in the Los Angeles area, as well as the newly established Fisker Innovation Lab in Silicon Valley.

Fisker also announced that automotive communications veteran Simon Sproule would now serve as a communications adviser to its chief executive. Sproule has served in executive communications roles at Nissan, Tesla, Aston Martin and Fiat Chrysler.

Fisker Inc. is the eponymous CEO’s second go at creating a green luxury vehicle company. His first startup, Fisker Automotive, ended in bankruptcy in 2013 after consuming $1.4 billion in private investments and taxpayer funded loans.

The company’s assets were purchased the following year by Chinese auto parts manufacturer Wanxiang Group, which launched Karma Automotive from its ashes.

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