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Hybrid Technologies LLC increases Fisker bid to $55 million

Will more money equal more Karma? In the continuing fight over the assets of extended-range plug-in vehicle maker Fisker Automotive, a Hong Kong-based investor is ready to up the stakes. Hybrid Tech Holdings has announced it will increase its bid for the maker of the Karma to $55 million. A bankruptcy court judge recently ruled that Hybrid Tech couldn't use any more than $25 million of its Fisker debt for an on-credit bid for Fisker. Hybrid Tech bought Fisker's $193 million line of credit from the US Department of Energy for $25 million. "When other shareholders ceased support, Hybrid continued to provide the financing and working capital necessary to maintain momentum," the company said in a statement. "Hybrid is working to achieve a rapid relaunch of Fisker." AutoblogGreen asked Hybrid spokeswoman Megan Grant for more details, but she said, "The statement distributed ... is the only information I am able to provide at this time." You can read the full statement below. At this point, Hybrid Tech's offer would trump Wanxiang Group's bid of $25.8 million (plus assumed debt) that was issued in late December and then boosted to $35.7 million earlier this month. Fisker favors the Hybrid Tech bid because it believes Wanxiang, which acquired most of the assets of lithium-ion battery maker A123 Systems in 2012, helped speed up Fisker's shut-down by stopping battery deliveries. Fisker filed for bankruptcy in late 2012. The auction for the remains will be held in February. Statement by Hybrid LLC Today, Hybrid Tech Holdings, LLC ("Hybrid"), a Delaware limited liability company, announced that it has modified the terms of its bid for Fisker Automotive Holdings, Inc. ("Fisker"), to reflect a purchase price of US$55 million. Hybrid intends to utilize Fisker's existing plant in Delaware to meet consumer demand and address market conditions. "Hybrid's confidence in Fisker's future is strong and unwavering. The Hybrid group has been an investor in Fisker for many years. When other shareholders ceased support, Hybrid continued to provide the financing and working capital necessary to maintain momentum, as well as taking on the US$25 million risk of purchasing the Department of Energy loan. We did so for a simple reason; we believe deeply in Fisker's technology and we stand by the talent in the company who can bring the promise of this technology to life," said Hybrid spokeswoman Megan Grant.

Fisker delivers first Ocean One Launch Edition in Denmark

Danish car designer and eponymous automaker Henrik Fisker delivered the first Ocean One Launch Edition crossover in his native land, stopping by the Fisker Center+ in Copenhagen to deliver the keys to the new owner. The unit came in Great White over black, 22-inch AirGlider wheels, with white Alcantara seats set among a Sea Salt interior. Being the Launch Edition, it came with the most powerful 550-horsepower dual-motor drivetrain and nearly option, like the 17.1-inch swiveling infotainment screen and SolarSky roof. The dual-motor AWD Ocean One packs a 113-kWh battery powering a range of 436 miles in Euro testing on the 22-inch wheels specced on retail delivery #1. If the customer had chosen the 20-inch wheels, range would be 440 miles. Either number is enough to get from Copenhagen to Stockholm for a seaside vacation with the Ocean. Just after the Denmark celebration, Fisker flew to Munich, Germany, to commemorate the first Ocean registered in that country, a car delivered to Henrik himself. He also opened the new Fisker Lounge in the center of town and a showroom at the company's local headquarters in Munich Motorworld.  On this side of the Atlantic, the company spent last week addressing its Q1 results and expectations for deliveries. Headwinds continue for EV makers of all sizes, but Fisker told analysts he expects the U.S. Environmental Protection Agency to certify the Ocean this month so that deliveries can commence in June. If that timetable holds, all 5,000 examples of the Ocean One Launch Edition should meet their new owners by the end of September, around the same time the top-trim Ocean Extreme — the serial production version of the Ocean One Launch Edition without all the standard goodies — begins deliveries.  Even more recent news suggests a trim package on the way that could almost be considered a fifth trim. Not long after the Ocean debuted in 2020, Henrik Fisker teased an off-road version called the Force E, which stands for Force Electric. At the time, the overhaul was touted as a fleet option for companies who needed "an extreme off-road package" with items like a brush guard, big beadlock tires, and a water spout set into the front bumper. The latest Force E package targets the camping set with a stouter roof rack, new front and rear bumpers, tow hooks at both ends, and less aggressive non-beadlock 33-inch tires on 20-inch wheels. Inside, the options sheet extends to grab handles, tiedowns, and rubber floors.

Fisker creditors want a repayment do-over

In February, the Chinese company Wanxiang won control of Fisker Automotive at a bankruptcy auction for a final bid of $149.2 million. The sale meant that Wanxiang would now have to deal with all of the creditors claiming that Fisker owed them money. Those individuals and groups had a combined $1 billion in claims, and they're not happy with how the bankruptcy is shaking out. In April, a settlement was announced that would see those unsecured creditors get back pennies on the dollar. The unsecured creditors are telling the bankruptcy court that they want the judge to take away control of the bankruptcy proceedings from Fisker and implement a new repayment plan. The request was filed by a committee representing the creditors, which said it could have the new plan submitted in a matter of days, if the judge agrees with the request. The committee says there are "unreasonable demands" in the current repayment plan, such as a big paycheck for Fisker's chief restructuring officer, worth $750,000. If the judge allows the unsecured creditors to file a new plan, it will result in the "best possible outcome," the filing said. We admit we're feeling a bit confused and dragged along by the Fisker bankruptcy proceedings. And we're quite sure that the new owners have got to be fed up as well, since they're likely to be in a bit of a time crunch if the company's really going to re-start Karma production next year.