(May 29 2010) Fisker Automotive said on Friday that it has raised $189 million, enabling the California startup to launch its plug-in hybrid sports car this year.

The total includes $35 million of private equity announced Friday and the $115 million Fisker said it had secured in January, when it cleared a key financing hurdle to draw on U.S. government loans geared toward companies developing next-generation battery technology. Fisker then closed a $529 million U.S. Energy Department loan in April.

The Karma, Fisker's plug-in hybrid sports car, is designed to travel 50 miles on a single charge. It also has a gasoline generator that extends the range an additional 250 miles.

Fisker will build the car in Finland through contract manufacturer Valmet Automotive and will sell the car for around $87,900.