Hybrid Tech Pairs Up With Boston-Power In Effort To Win Fisker Automotive – Signals Willingness To Build Karma
On Wednesday, February 12th, Fisker Automotive will once again come up for sale; and looking to strengthen their bid against rival Wanxiang America, Hybrid Tech has joined forces with a domestic battery maker.
Last month a Delaware judge tossed Hybrid Technologies’ bankruptcy plan for Fisker saying there was more value to be had with a competing bid from Chinese part giant Wanxiang.
The judge also noted that he felt Hybrid Tech and Fisker had perhaps rushed the Chapter 11 process in an effort to complete the transaction before other deals could be flushed out.
“The debtors’ bankruptcy is a tragedy for many while the purchaser tries to purchase the Fisker assets using discount dollars. United States taxpayers, Delaware taxpayers, employees, unsecured creditors are all losers. The emergence of another very interested, cash-paying suitor, Wanxiang America Corporation, may enhance creditor recoveries and shows the mischief from undue speed.”
To better compete against Wanxiang, Hybrid Technologies has formed an alliance with Boston-Power, signalling their willingness to resume production of the extended range Karma, as rival Wanxiang had also previously committed to do.
According to Megan Grant, a spokesperson for Hybrid Technologies:
“This non-exclusive partnership with Boston-Power is a key element of Hybrid’s ongoing review of alternative leading-edge battery suppliers that will support its Karma restart program and deliver a best-in-class battery solution. Hybrid has been engaged in a thorough review of all of Fisker’s supplier relationships, with the goal of ensuring that customer demands for a high-quality and high-performance luxury EV are met.”
The company’s press release also noted that Hybrid Tech “is committed to manufacturing in the United States and is seeking opportunities to use the existing Delaware facility.” – matching the basic verbage used by Wanxiang in their bid to acquire Fisker.
As for Wanxiang’s battery supplying abilities, they are already in the best position to build the Karma as they purchased the assets of bankrupt US battery maker A123 last year.
A123 originally supplied all the lithium pack found inside the Karma, as well as currently produces the cells found inside the Chevrolet Spark EV.