A123 Systems to Supply Battery Systems for Fisker Karma

14 January, 2010 10:06:00

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A123 Systems reached a multiyear agreement to supply lithium-ion battery systems to Fisker Automotive for the Fisker Karma plug-in hybrid electric vehicle.

The supply deal comes a day after EnerDel said it had broken off talks with Fisker to be its battery supplier for the Karma. Until recently, Fisker was talking to EnerDel about supplying batteries for the Karma PHEV.

In addition to entering into the supply agreement, A123 also announced its intent to invest up to $23 million in Fisker Automotive's current funding round in order to establish a strategic relationship with the car company. The contemplated investment would consist of $13 million in cash and $10 million in A123 common stock and would be subject to the completion of certain terms and conditions.

The Karma is scheduled to be launched in late 2010 and expected to be one of the cleanest, most fuel-efficient cars in the world while still offering industry-leading style and performance.

The Fisker Karma is expected to have a range of 50 full-electric miles on a charge of A123's
lithium ion battery system and a total range of 300 miles with an on-board generator turned
by a traditional but efficient four-cylinder gasoline engine. The Karma features 403hp and is
designed to go from 0 to 60 mph in about six seconds, reaching a top speed of 125 mph.

A123 Systems will provide Fisker Automotive with advanced automotive battery systems that combine high power and energy density with excellent safety and life performance -- characteristics required to meet Fisker's stringent technical specifications.

Fisker Automotive and A123 will also collaborate on Fisker's Project Nina platform, with the intent of having A123 supply batteries for that vehicle based on meeting the automaker's performance and delivery requirements. Project Nina is expected to launch in 2012.

"Fisker Automotive selected A123 because of the company's ability to meet our performance needs and rapidly scale to our production volume," said Henrik Fisker, Chief Executive Officer of Fisker Automotive. "Fisker is committed to developing environmentally friendly cars that don't sacrifice style or performance. A123's technology will ensure the Karma delivers."

The multi-year agreement provides that A123 is the selected battery system supplier for the Fisker Karma. A123 plans to manufacture the cells and systems at its Livonia, Mich. facility with production slated to commence later this year.

Fisker plans for the Karma plug-in hybrid is 15,000 units, of which 7,500 will be sold outside the United States. To meet production goals, Fisker turned to specialty builder Valmet Automotive in Finland.

First Karmas should be at the dealerships in June next year.

California-based automaker, which has received a $528 million U.S. government loan, is also aiming for a lower-cost plug-in hybrid, called project Nina, to launch in 2012.

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