Yet another plug in electric sports car will go into production, as California-based startup Fisker Automotive have announced that they have managed to raise the $189 million required to receive a $528.7 million loan from the US Energy Department that it needed.

This means the Karma is looking to start production somewhere this year. Part of the money will also fund the development and production costs of their second model called the Nina, which is aimed to go on sale in 2012 for about $39,000.

Fisker aims to produce cars that either consume little or no fuel with the use of fully electric powertrains or a combination of electric motors with petrol range extenders. Fisker will build the cars in Finland through Valmet Automotive and will sell the Karma at approximately $89,000, far more expensive than the Nina. The Karma’s lithium-ion batteries will be supplied by A123 Systems Inc.

The Fisker Karma travels 80 kilometres on a single charge and is spurred on by a petrol generator that will extend the range of the vehicle to a maximum of about 400 kilometres.