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Fisker Automotive Invests in Battery Supplier

March 17, 2009

IRVINE, CA --- Fisker Automotive has secured a source of battery technology for its upcoming line of plug-in hybrid vehicles by investing in its North American battery supplier, Advanced Lithium Power. 

Advanced Lithium Power Inc., based in Vancouver, was established in 2006 to develop and manufacture advanced high power and energy storage devices for transportation and other applications. ALP has developed a range of products for hybrid electric vehicles and plug-in hybrid electric vehicles, ranging from 3 to 24 kWh. 

"Investing in ALP gives Fisker front-line access to the best battery technology and insures against supply shortages," said Bernhard Koehler, COO of Fisker Automotive. "It also gives us a voice in development and allows us to stay ahead of the competition as technology advances." 

ALP is expected to provide batteries to other automakers as well. 

The 2010 Fisker Karma plug-in hybrid will drive 50 miles emission-free on a single charge of its lithium ion battery pack. After 50 miles, a small gas engine turns a generator that provides power for the car's two 203-horsepower electric motors. The 100-mpg, 125-mph luxury sedan is scheduled for delivery at the end of this year, with prices starting at $87,900 before applicable tax credits. 

Fisker Automotive, founded in 2007 by Fisker Coachbuild LLC and Quantum Technologies (QTWW), is a privately owned American car company producing premium green automobiles. Global headquarters are located in Irvine, CA. The company is backed by Kleiner Perkins Caufield & Byers, Palo Alto Investors and the Qatar Investment Authority (QIA). 

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