Fisker Automotive Announces a Letter of Intent for Assembly Contract With Valmet Automotive

IRVINE, Calif., July 15 -- Fisker Automotive, Inc., a green American premium car company, today announced that Valmet Automotive will manufacture its first production car, the Fisker Karma. Known for producing high quality specialty cars like the Porsche Boxster and Cayman for Porsche AG, the Finland-based contract manufacturer brings to the Fisker Karma 40 years of experience of working with OEM customers and their wide ranging engineering and production needs.

When the Fisker Karma begins rolling off the Valmet assembly line in the fourth quarter of 2009, it will mark the first ever plug-in hybrid 4 door sports sedan to hit the market. With 50 miles of electric range and more than 350 miles of total range, the Fisker Karma with its proprietary Q-DRIVE powertrain developed by Quantum Technologies, will have the potential for a fuel economy of over 100 miles per gallon (MPG) on extended drives. Boasting a top speed of 125mph and 0-60 acceleration in less than 6 seconds, the Fisker Karma is poised to be the world's first true luxury plug-in hybrid sports car.

"After an exhaustive global search, we are thrilled to have found the ideal manufacturing partner in Valmet Automotive," said Fisker Automotive CEO, Henrik Fisker. "Valmet offers us the quality and speed necessary to meet our production goals and given that more than half of Fisker Automotive's sales are expected to be outside of North America, Valmet represents an ideal international foothold. We do have a strategic plan to utilize an American manufacturing site for future models of the Fisker Karma."

"It is forecasted that the market of environmentally-friendly electric vehicles will grow very fast and we are proud to be in the pole position in this growth," says Ilpo Korhonen, President of Valmet Automotive. "Fisker Automotive leads the way by adapting the most innovative technologies to new, environmentally-friendly premium cars. The strategic partnership with Fisker Automotive will open a new window for Valmet Automotive. Our production process can be easily adapted to the production of electric and hybrid cars and new body designs. In line with our renewed strategy, engineering will have a strong role in the cooperation."

"Our mission at Fisker Automotive is to develop beautiful, environmentally friendly cars that make environmental sense without compromise -- be it quality-wise or cost-wise," Fisker continued. "Valmet Automotive has the track-record, high quality technology and has the dedicated resources to take us there, and their high tech production line with eco-friendly automated paints agrees with our ideology."

Initial domestic deliveries of Fisker Automotive's first car, the Karma, will commence in the 4th quarter of 2009 in North America with planned delivery to Europe in 2010. Fisker Automotive's annual production is projected to reach 15,000 cars, with more than half of sales expected to be overseas.

Fisker Automotive, Inc.

Fisker Automotive is a privately owned car company with Henrik Fisker as the CEO. Fisker Coachbuild, LLC will be the exclusive design house for Fisker Automotive through the entire range of product development. The company has backing from Kleiner Perkins Caufield & Byers and Palo Alto Investors

About Quantum Technologies :

Quantum is a publicly traded, world leader and OEM supplier of state-of-the-art clean propulsion technologies, fuel and energy storage technologies and services including propulsion systems for hydrogen fuel cell vehicles, hydrogen internal combustion engine vehicles, compressed natural gas vehicles, liquid petroleum vehicles, hybrid electric vehicles and plug-in hybrids based on advanced electronic control systems and Lithium Ion batteries developed by Quantum's strategic alliance partner. Quantum also provides engineering services including vehicle development and homologation.

Valmet Automotive, Inc.

Valmet Automotive is a provider of automotive engineering and manufacturing services of premium cars. In 40 years the company has produced over 1,000,000 high-quality vehicles in Finland. The cars have been delivered worldwide. Today Valmet Automotive manufactures Porsche Boxster and Porsche Cayman for Porsche AG. The company is a part of Metso Corporation.