The World's #1 Renewable Energy Network for News, Information, and Companies.
Untitled Document

Joint Venture Makes $20 million Bid for Ailing EV-Firm Fisker

A joint venture made up of China-based Wanxiang Group, former General Motors head Bob Lutz and industrialist Gilbert Villarreal is offering to buy troubled electric vehicle manufacturer Fisker Automotive in a prepackaged bankruptcy deal worth $20 million, according to reports.

Like Tesla Motors, which recently paid off its loan, Fisker Automotive received $529 million in loans from the Department of Energy (DOE) under the Advanced Technology Vehicles Manufacturing Loan Program.

Unlike Tesla, however, Fisker's unspent loan money was seized by the DOE when the company failed to make payments or meet production quotas. The company has about $171 million in DOE loans still outstanding.

Fisker was founded in August 2007 by Henrik Fisker, who later left the company citing disagreements over business strategy. Reuters is reporting that Fisker and a Hong Kong-based investor named Richard Li are teaming up to pay off Fisker's DOE loan and save the carmaker from bankruptcy.

Fisker laid off three-fourths of its workforce in April. The company has its headquarters in Anaheim, California.

According to the company, Fisker was worth roughly $2 billion as recently as 2011.

Fisker's lone production vehicle, the Karma, has a base price of more than $100,000. The company has not sold a car since July 2012, according to reports.

Wanxiang Group bought Fisker's former battery maker, A123 Systems, at auction in 2012, following the bankruptcy of that company.

Lutz was quoted in 2008 as saying that the electrification of the automobile is "inevitable."

This article was originally publisned on Electric Light & Power and was republished with permission.

Untitled Document

Get All the Renewable Energy World News Delivered to Your Inbox - FREE!

Subscribe to Renewable Energy World Magazine and our award-winning e-Newsletter to stay up to date on current news and industry trends.

 Subscribe Now


Marine Hydrokinetics

News related to the worldwide marine hydrokinetics industry from September-October 2015


DOE Releases Final Programmatic Environmental Impact Statement for Hawaii

Jennifer Delony DOE released a final programmatic environmental impact statement for Hawaii to provide federal, state and county gove...

Record-Breaking Conference Reveals Excitement Surrounding Hydropower

HydroVision International attracted record attendance this July and highlighted many accomplishments within the indus...

ORPC Ireland receives funding for marine hydrokinetic feasibility study

Gregory B. Poindexter The Sustainable Energy Authority of Ireland (SEAI) is funding the Ireland division of U.S.-based Ocean Renewable Powe...


Yaskawa – Solectria Solar Provides Inverters for One of the Largest Professional Sport Stadium PV Systems in North America

Yaskawa - Solectria Solar, a leading U.S. PV inverter manufacturer, announced today tha...

$100 Discount on 5-day Advanced PV Project Experience Workhop

Upcoming 5-day Workshops: Nov. 7 - 11 Feb. 6 - 10

IREC Announces Changes in Regulatory Team

The Interstate Renewable Energy Council (IREC), a not-for-profit organization which for...

IREC Awarded New Funding to Advance Digital Credentials

The Interstate Renewable Energy Council (IREC) proudly announces funding for an innovat...


Solar Decathlon 2015 Opens to the Public in California

Today, Oct. 8, the biennial Solar Decathlon opened up to the public at Orange County Great Park in Irvine, ...

ENER-G CHP technology selected for major London housing scheme

ENER-G has been selected to supply combined heat and power (CHP) technology for phase two of the Leopold Estate housi...

What's On The Card?

Think back to the last networking event you attended. You probably walked out with at least a couple dozen business c...


Necessity is the mother of innovation. Our planet is going through major changes in climate. This of course will affe...


Jeff Postelwait is online editor for the website shared by POWERGRID International and Electric Light & Power magazines and is the editor of electronic newsletters for the following coverage areas: advanced metering infrastructure, transmission an...


Volume 18, Issue 4


To register for our free
e-Newsletters, subscribe today:


Tweet the Editors! @jennrunyon



Solar Power Northeast

  From the team that produced Solar Power Southeast and the sol...

Solar Power Asset Management and Performance

SEIA and SEPA collaborated with industry leaders to present the first ev...

JuiceBox Energy Certified Installer Class

JuiceBox Energy is rapidly building out its national certified installer...


10 Questions You Should Be Asking

Tony Robbins is fond of saying that the quality of your life is directly...

SPI Brings Out The Best In Solar

Phew…...those cross-country flights sure take a lot out of a guy....

Join us at the New Solar Power Northeast

From the team that produced Solar Power Southeast and the sold out P...


Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now