Fisker Recieves $528 Million in DOE Loans

Fisker Automotive has been approved to receive $528 million in low-interest loans from the Dept of Energy (DOE) as part of the $25 billion dolloar loan program set up by the federal government.

$169.3 million will be used to finish development and production of the plug-in hybrid sedan Karma which is due out next summer. The Karma is being sold at $87,900 a piece.

The rest of the loan will be used in Project NINA. NINA is part of Fisker's plant to bring a family oriented, user friendly plug-in that will cost $47,400, or $39,900 after tax credits (if you qualify). Fisker is targeting Global sales are predicted to exceed 100,000 units annually starting in 2012.

Fisker estimates the loan will help create or save 5,000 US jobs among auto suppliers and thousands more to manufacture a plug-in hybrid in the US.

NINA comes from the trip by Christopher Columbus, and "is symbolic of the automobile industry’s transition from old world to new"

The $528.7-million low-interest loan "is another critical step in making sure we are positioned to compete for the clean energy jobs of the future," said Energy Secretary Steven Chu.

Tesla received $465 million from the same loan program.