Fisker Inc. announced the successful completion of a $50 million Series C financing round funded by Moore Strategic Ventures, LLC, the private investment vehicle of Louis M. Bacon.
The proceeds will be used to support the next phase of engineering work on the Fisker Ocean all-electric luxury SUV–due for launch in 2022. Cowen acted as the company’s sole advisor and placement agent on the financing.
Commenting on the strategic importance of this latest investment, Henrik Fisker, chairman and CEO of Fisker Inc. said: “Since we first showed the car at CES earlier this year, reaction from customers and investors has been extremely positive. We are radically challenging the conventional industry thinking around developing and selling cars and this capital will allow us to execute our planned timeline to start producing vehicles in 2022.”
As the company continues to progress the Fisker Ocean towards its planned production launch, the organization is also announcing key executives joining the company in permanent and advisory capacities.
Burkhard Huhnke named chief technology officer (CTO) of Fisker Inc. Huhnke comes with an extensive background working for both automakers and technology companies–having served as the former vice president of e-mobility for Volkswagen America and vice president of automotive at chip maker, Synopses. Huhnke will lead Fisker’s R&D activities in Los Angeles as well as the newly established Fisker Innovation Lab in Silicon Valley, home to the company’s investments in software related innovations for future vehicles and services.
Huhnke joins a growing Fisker Inc. executive team that includes Martin Welch, senior vice president of engineering, who has been leading the company’s engineering function and, since early 2019, development for the Fisker Ocean program. Welch has also worked extensively across the automotive industry, including positions at McLaren cars and Aston Martin.
Also announced today is the appointment of Simon Sproule as communications advisor to the CEO. Sproule is the vice president of communications for Toptal, an elite network of the world’s top talent in business, design and technology. Sproule will support Henrik Fisker and the company in an advisory capacity.
“As we accelerate the development of the Fisker Ocean, I am excited to keep building an executive team capable of delivering our brand, product and service experiences,” added Fisker. “We are seeing a profound disruption in the automotive industry, where digital customer experiences and software will join emotive design to become major brand pillars for any future car company. Fisker Inc. is ideally positioned to take full advantage of this transformation.”