To say that the plug-in vehicle startup Fisker has been having some problems would be an almost criminal understatement. They’ve lost their access to DOE loan money, $33 million worth of their cars were destroyed in hurricane Sandy, for which their insurers refuse to pay, their battery maker A123 Systems went under, causing them to have to halt production, and as sales grind to a halt, the press has even begun turning on them. So they’ve been having a hard time, although nobody ever claimed it would be easy to start a new car company.
Things seem to be coming down to the wire, as Bloomberg now reports that Fisker has had to bring in consultants to keep the company afloat while they calculate their next move. Huron Consulting Group has been brought in to handle the day-to-day in the most economical fashion possible for the time being, extending the life of the company as much as possible until new money can be brought in. Meanwhile, Evercore Partners is helping to find investors or partners so that the company can get back up running again. Fisker still owes $200 million in DOE loans on top of their other problems, and they’re really going to need quite a bit of money.
The good news is that there is apparently some interest in the company. Some of this interest is coming from potential strategic partners, some form potential buyers and some from those simply interested in the technology. But wherever it comes from, Fisker reportedly has until mid-year to secure new funding before they run out of money. Fisker’s problems are many, but quite a few of them have just been bad luck, and we wish them all the best in getting back on their feet.