Fisker Raises $50 Million Funding; Will Be Used For Development Of Ocean Electric SUV

The latest round of Series C investment comes from Moore Strategic Ventures, LLC, the private investment vehicle of hedge fund manager Louis M. Bacon. The funding will be used for the engineering work on the Fisker Ocean all-electric luxury SUV.

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The funds will be used to support the next phase of engineering work on the Fisker Ocean

Highlights

  • The investment comes from Louis M. Bacon's Moore Strategic Ventures
  • The funds will go into the development of the all-electric Fisker Ocean
  • The Fisker Ocean electric SUV will also come to India

American electric car manufacturer, Fisker Inc., has announced raising a new $50 million Series C funding from Moore Strategic Ventures, LLC, the private investment vehicle of popular hedge fund manager Louis M. Bacon. The company says that the funds will be used to support the next phase of engineering work on the upcoming Fisker Ocean all-electric luxury SUV, which is slated to be launched in 2022. According to reports, Moore Strategic Ventures LLC has valued Fisker at more than $1.6 billion.

Talking about the strategic importance of this latest investment, Henrik Fisker, Chairman and CEO of Fisker Inc. said, "Since we first showed the car at CES earlier this year, the 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."

Also Read: Exclusive: Fisker Ocean Electric SUV Coming To India

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Henrik Fisker, Head of Fisker Inc. says the capital will allow them to execute the planned timeline to start producing vehicles in 2022

Additionally, Fisker has also announced appointing Burkhard Huhnke as the Chief Technology Officer (CTO) of Fisker Inc. Huhnke served as the former Vice President of e-mobility at Volkswagen America and Vice President of Automotive at chip maker, Synopses. He will lead Fisker's R&D activities in Los Angeles as well as the newly established Fisker Innovation Lab in Silicon Valley.

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The Fisker Ocean has been positioned to become the world's most sustainable vehicle and offer an electric range of 480 km on a single charge

The Fisker Ocean was unveiled at the 2020 Consumer Electronics Show in Las Vegas earlier this year. The electric SUV is being positioned as the world's most sustainable vehicle and Fisker has revealed that the model will come with carpets made from recycled nylon fishing nets/plastics and trunk scuff plate made from tyre rubber waste. It will come with a full-length solar panel roof. Buyers will also be able to choose between two-wheel drive and all-wheel-drive variants.

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The Fisker Ocean will come with carpets made from recycled nylon fishing nets/plastics and trunk scuff plate made from tyre rubber waste

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The electric SUV is powered by an 80 kWh battery and is claimed to offer a range of 480 kilometres on a single charge. The exact power and torque outputs are yet to be confirmed but, the company says that the Fisker Ocean can do the 0-100 kmph sprint in about 3-seconds. And upon launch, it will rival the likes of the Tesla Model Y and Ford Mustang Mach-E. More interestingly, the company has confirmed that along with other markets, the Fisker Ocean will also come to India, possibly in the next five year and the company could be looking at assembling as well.

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