Fisker Hires Investment Bank to Line up Strategic Partner Investors


Fisker Auto­mo­tive has cer­tainly been through a wave of trou­bles, from recalls of its A123 Systems-made Karma bat­tery pack, to los­ing sev­eral Kar­mas dur­ing Hur­ri­cane Sandy. Now, the com­pany is look­ing for investors to get through this rough period. Accord­ing to recently hired CEO Tony Posawatz, Fisker Auto­mo­tive is work­ing with invest­ment bank Ever­core Part­ners to assist in lin­ing up investors. The com­pany is in dis­cus­sions with mul­ti­ple strate­gic part­ners both in China and in Europe.

Fisker halted assem­bly of its Karma range-extended elec­tric lux­ury sedan sev­eral months ago, when its lithium-ion cell sup­plier A123 Sys­tems declared bank­ruptcy. It is assumed to have pro­duced 2,000 to 3,000 Kar­mas before pro­duc­tion was shut down. Fisker said it has approx­i­mately 100 bat­tery packs on hand from A123, which will allow it to pro­vide ser­vice parts. That num­ber is not suf­fi­cient to restart Karma pro­duc­tion, however.

The com­pany lost about 300 new Kar­mas to flood waters and fire at a New Jer­sey port dur­ing Hur­ri­cane Sandy. While Ever­core advised Gen­eral Motors dur­ing its bank­ruptcy, Posawatz specif­i­cally ruled out bank­ruptcy for Fisker. Fisker could be sold out­right, though.