The multi-billion dollar Heat Nazi scheme just stole more of your money and gave it to that fat waste of oxygen Al Gorehound.

From the Financial Post:

Gore-backed Fisker gets US$528.7M loan for luxury hybrids

Fisker Automotive Inc., a U.S. startup planning to sell luxury plug-in hybrid cars, secured a federal loan for as much as US$528.7-million to fund production of its low-emission models.

Energy Secretary Steven Chu said the Irvine, Calif.-based company will get the conditional financing for development of two lines of plug-in hybrids. The loan is the fourth such announcement under a program intended to spur a market for vehicles that reduce fuel use and greenhouse gases.

“Plug-in hybrid electric vehicles could revolutionize personal transportation and cut our dependence on foreign oil, not to mention give us cleaner air and less carbon pollution,” Chu said in a statement. The Fisker project may create as many as 5,000 jobs, the Energy Department said.

The U.S. in June awarded about US$8-billion in low-cost federal loans, part of the so-called Advanced Technology Vehicles Manufacturing program, to Ford Motor Co., Nissan Motor Co. and electric carmaker Tesla Motors Inc. to help fund production of fuel-efficient autos at U.S. factories. Fisker has yet to deliver its US$80,000 Karma model, which is designed to travel 50 miles (80 kilometers) on lithium-ion battery power before its gasoline engine engages.

The government loans to Fisker, exceeding the US$465-million awarded to Tesla, are the largest to a startup carmaker that has yet to begin high-volume electric-vehicle production.

U.S. Factory

Fisker initially will use a US$169.3-million loan from the manufacturing program for engineering work in Michigan and California to get the Karma ready for delivery by next year. In the second stage, a US$359.4-million loan will be used for production of the Nina model, intended to sell for as little as US$39,900 after a federal tax credit, Fisker said on Tuesday.

Fisker’s Karma model is to be assembled under contract in Finland, with about 65% of the car’s parts to be produced in the U.S., said Russell Datz, a company spokesman said. Those include a motor supplied by General Motors Co. and batteries from Ener1 Inc.’s EnerDel factory in Indiana, he said.

“The funds are for engineering and development of key components in the U.S.,” Henrik Fisker, the company’s chief executive officer, said in an interview. “We’re not using any of the money from DOE for anything we’re doing in Finland.”

The company plans to buy and retool an existing U.S. factory site to produce the Nina and may announce details of the location by the end of this year, he said.

Fisker has orders for 1,500 Karmas, which will sell for US$87,900 before a federal tax credit, and aims to deliver about 15,000 of the cars annually by 2011, Henrik Fisker said. He wouldn’t say how much his company has raised from private sources.

Investors in closely held Fisker, founded by car designer Fisker, include Kleiner Perkins Caufield & Byers, a Menlo Park, California-based venture capital fund that employs former Vice President Al Gore, and Quantum Fuel Systems Technologies Worldwide Inc.