Fisker Inc. raised another $150 million to help with general needs, but has the option to roll that up to $550 million, if needed.
The California-based EV startup is already delivering vehicles, but elected to tap into the market now for funding to accelerate deliveries, expand growth and help with the other vehicle programs, the company noted in a release.
Fortunately, the EV maker didn’t have to do much raise the cash, as it simply tapped into a pool of 0% senior secured convertible notes announced in July. The original offering came to $340 million, but the parties agreed to amend it to push it to as much as $623,333,334, with Fisker able to get as much as the aforementioned $550 million.
Why more cash?
The new funding comes days after Fisker said it expected to deliver 5,000 of its newly minted Ocean SUVs this year, by upping the number of daily deliveries to 300 in the U.S. and Europe. The vehicle is produced at Magna Steyr’s plant in Graz, Austria. Deliveries of the new ute began in Europe a couple of months ago and in the U.S. several weeks ago.
“We want to thank our customers for their patience as we have refined our delivery processes,” Chairman and CEO Henrik Fisker said. “As we complete the third quarter and move into the fourth, we are preparing to significantly increase our pace of deliveries in the U.S. and Europe.
“We are expanding both our teams and our physical locations, and we are targeting deliveries of 300 vehicle per day to meet strong demand for the Fisker Ocean. I’m tremendously pleased that our company has geared up to achieve these milestones.”
The $68,9991 Fisker Ocean Extreme has a 113-kWh battery pack (106 kWh usable) and an EPA range of 360 miles on standard 20-inch wheels and tires, which is the longest range of any new electric SUV in its class.
In Europe, the Fisker Ocean Extreme has a WLTP range of 707km/440 UK miles on standard 20-inch wheels and tires, which is the longest range of any electric SUV sold in Europe today. The all-electric SUV starts at $37,4992 for the Fisker Ocean Sport trim level in the US.