A123 to Invest $23M in Fisker and Supply Batteries for Company’s Hybrid Car

Erin Kutz1/14/10

A123Systems, a Watertown, MA-based battery maker, announced today it will invest up to $23 million in Irvine, CA startup Fisker Automotive, in addition to supplying the batteries for the company’s luxury hybrid car, due to launch in late 2010. Fisker’s Karma Plug-in Hybrid Electric Vehicle (PHEV) has a range of 50 full-electric miles on a single charge of A123‘s lithium-ion battery, and a total range of 300 miles with an on-board generator powered by a fuel-efficient gasoline engine, according to A123′s announcement. A123′s investment in Fisker includes $13 million in cash and $10 million in A123 common stock, as part of a strategic partnership under which A123 will also supply batteries for another Fisker hybrid, Project Nina, set to launch in 2012.

Erin Kutz is an Associate Editor for Xconomy. You can reach her by e-mail at ekutz@xconomy.com or by phone at (617) 252-0700, or follow her on Twitter at @erkutz.