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

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.

Trending on Xconomy