Fisker gets an infusion of Mideast cash

Fisker Karma

The left and the right are in agreement: Neither wants oil from the Middle East.

“My friends, I will have an energy policy, that we will be talking about, which will eliminate our dependence on oil from the Middle East.”  — John McCain, May 2

“I will set a clear goal as president: In 10 years we will finally end our dependence on oil in the Middle East.” — Barack Obama, Aug. 28

Apparently, some folks in the Middle East want to be freed from oil dependence as well.

Irvine-based plug-in electric hybrid carmaker Fisker Automotive Inc. announced today that it had closed a $65-million round of financing led by an affiliate of the Qatar Investment Authority, a state-owned, state-funded sovereign wealth fund. The QIA’s goal is to “strengthen the country’s economy by diversifying into new asset classes.”

That makes it the fourth alternative car company or alternative car supplier to receive financing from the Middle East….

In December, Ontario-based Phoenix Motorcars received an undisclosed sum from Dubai investment house and trading group Al Yousuf, LLC.

Al Yousuf also has invested about $5.5 million in Santa Rosa-based electric car company Zap Inc. In exchange for the investments, Eqbal Al Yousuf, president of Al Yousuf, was named chairman of Zap in May and put on the board of directors of Phoenix in March.

And in December, Al Yousuf put $40 million into Reno, Nev.-based electric car battery maker Altair Nanotechnologies Inc., which at the time had a contract to supply batteries to Phoenix. 

The Fisker investment, which closed Thursday, was



continue at     


Comments are closed.

Looking for something?

Use the form below to search the site:

Still not finding what you're looking for? Drop a comment on a post or contact us so we can take care of it!