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Fisker Surpasses $1 Billion in Funding With New Investment

April 2 (Bloomberg) -- Fisker Automotive Inc., a maker of plug-in hybrid sports cars, got financing that increases its funding to $1.025 billion.

The company disclosed the $129 million investment in a filing today that didn’t identify investors. It said in February it had received $263 million as part of the same financing round and at the time had $896 million in total private funding.

Fisker, based in Anaheim, California, is working to fix a defect in its Karma sedan as it seeks to resume work on a stalled plant in Delaware, where it is using $529 million in government loans to build a second model. The company is backed by investors including Kleiner Perkins Caufield & Byers, Palo Alto Investors LLC and the lithium-ion battery maker A123 Systems Inc.

A123 said March 26 it was replacing defective batteries that caused a Karma to shut down in a Consumer Reports test. The U.S. Energy Department in February froze Fisker’s access to the loans, causing the company to “temporarily” stop work on a plant in Delaware.

To contact the reporter on this story: Andrew Herndon in San Francisco at aherndon2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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