$529M DOE loan clears path for Fisker's new $39,000 hybrid

Irvine, Calif.-based plug-in hybrid developer Fisker Automotive became today the fourth automotive manufacturer to receive a loan from the U.S. Department of Energy to further develop advanced vehicle technologies.

The DOE awarded a low-interest loan for nearly $529 million to the startup, which plans to use $169.3 million to finish development of its $87,900 luxury sports sedan Karma. Finland’s Valmet Automotive plans to perform final assembly of the vehicle, due in showrooms in summer 2010, but the majority of suppliers are based in the U.S. (see Cleantech cars advance as old guard stumbles).

The remaining $359.4 million is earmarked for Project Nina, a plan to manufacture a new, previously under-wraps plug-in hybrid to be sold for $39,000 after tax incentives. Last week, Kleiner Perkins Caufield & Byers Managing Partner Ray Lane hinted that one of its portfolio companies planned to make a major announcement within a week about a new $39,000 plug-in hybrid (see Kleiner Perkins hints at plug-in car launch this week). 

In April, Kleiner Perkins led an $85 million Series D financing round in Fisker with Eco-Drive Capital Partners, bringing Fisker to as much as $180 million in venture backing since it was founded in August 2007 (see Fisker closes $85M financing in run-up to production).

The DOE has earmarked $25 billion for a loan program dedicated to manufacturing of advanced vehicle technologies and has now awarded nearly $9 billion to four automakers. The three previous awards were $5.9 billion for Ford Motor (NYSE:F), $1.6 billion to Nissan North America (NASDAQ:NSANY) and $465 million to Tesla Motors (see Who is next for $17B in DOE auto loans?).

Now a rival, Fisker was a one-time partner of Tesla, which saw its lawsuit against Fisker dismissed last year (see Can't we all just get along?).

Fisker plans to manufacture 75,000 to 100,000 of the $39,000 plug-in hybrids starting in late 2012. The company wants to sell the vehicles in the U.S., Europe, Asia and the Middle East.

Fisker says it has taken orders for 1,500 hybrids, which are powered by lithium ion batteries and a power train system developed by Quantum Fuel Systems Technologies.

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