Quantum Fuel Systems Technologies Worldwide Inc., supplier of the hybrid-drive system for the Fisker plug-in hybrid has closed on a Department of Energy loan for $528.7 million.
The DOE loan to Fisker will be used for the development and production of two models of plug-in hybrid electric vehicles, including the Karma, a four-door sports sedan, and a line of family-oriented models being developed under Fisker’s Project Nina program, Quantum officials said.
The DOE loan, first announced last fall, was contingent on the ability of Quantum and Fisker to raise additional capital from private investors.
Fisker’s plans call for the Nina project to reach a broader audience than the premium car the company is launching later this year. When full production of the mid-sized vehicle is reached in 2015 at the company’s assembly plant in Delaware, Fisker estimates sales could reach 115,000 vehicles annually, a volume that seems wildly optimistic for a car that has yet to appear.
The DOE also approved a more than a half billion for Tesla, which is preparing for an initial public offering of stock.