Fisker Hires Investment Bank to Line up Strategic Partner Investors

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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.

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