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

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.

RELATED ARTICLES

Microgrids

Coast to Coast and Across the Electric System, Microgrids Provide Benefits to All

Dick Munson, Environmental Defense Fund At the most obvious level, microgrids could disrupt today’s utilities and their regulated-monopoly business model, because they challenge the centralized paradigm. In a nutshell, microgrids are localized power grids that ha...
Germany wind turbines. Credit: Shutterstock.

Germany's Powerhouse Feels Pinch of Merkel’s Shift to Renewables

Tino Andresen, Bloomberg North Rhine-Westphalia, the German state that’s home to utilities RWE AG and EON SE, is losing its standing as the country’s powerhouse as wind and solar energy begin to displace conventional sources. Electricity consumers ...
UK Conservatives Spark Renewable Energy Fears

UK Conservative Victory Sparks Climate and Renewable Energy Concerns

Alex Morales, Bloomberg

The surprise Conservative victory in the recent UK elections have some worrying about the future of renewable and climate progress, but officials are now calming those fears.

The New Normal? Renewables, Efficiency, And “Too Much Electricity”

Clint Wilder, Clean Edge Just over a decade ago, the state of California faced serious concerns about whether its utilities could generate and/or buy enough power to assure that the world’s seventh-largest economy could keep the lights on. The infa...
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...

CURRENT MAGAZINE ISSUE

03/01/2015
Volume 18, Issue 3
file

STAY CONNECTED

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

SOCIAL ACTIVITY

Tweet the Editors! @megcichon @jennrunyon

FEATURED PARTNERS



EVENTS

Using Grid data analytics to protect revenue, reduce network losses...

Schneider Electric and Awesense have combined expertise to develop integ...

Energy Storage USA 2015

Energy Storage USA is the leading conference in the United States focuse...

ImagineSolar | Online: Smart Grid & Distributed Generation

$195 – 8 Credit Hours  Start your Smart Grid education today....

COMPANY BLOGS

The Question Trilogy

    It’s crucial to learn what your prospect needs from...

Helping Small Businesses Visualize Savings

    What does a small business owner care about? Most are run...

Get Into Your Prospect's Shoes

    It may sound simple, but one of the best strategies for d...

NEWSLETTERS

Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now  

 

FEATURED PARTNERS