IRVINE, CA – May 28, 2010: Fisker Automotive today closed on an additional $35 million of private equity to conclude a $189M round of funding that enables the American car company to launch its Karma premium plug-in hybrid electric vehicle.

The company expects to fulfill testing requirements, begin production and make initial customer deliveries before the end of the year. Full production will ramp up in first quarter 2011.

The close — inclusive of $115 million Fisker Automotive announced it had secured access to in January — comes ahead of schedule to meet funding commitments associated with a $528.7 million U.S. Department of Energy loan that will support the development of two lines of plug-in hybrids.

Since being established in August 2007 Fisker Automotive has raised more than $300 million in private equity.

Designed and engineered in California, the Karma, a stylish plug-in hybrid sedan, will be sold in global markets. A demonstration model is currently touring the company’s 45 U.S. retail locations.

Development of the Karma enables Fisker Automotive to create a second, lower-priced line of plug-in hybrids, currently code-named Project NINA, that will be built in a former GM assembly plant in Wilmington Delaware.