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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