The GM facility that seized operation last summer used to produce the Saturn Sky, Opel GT, and the Pontiac Solstice. These models were killed this year as the company went into restructuring through bankruptcy.

Fisker comes up as one of the high-profile start up car manufacturers developing electric vehicles. The other player is Tesla.

Fisker unveiled the 2010 Karma sports sedan during the 2008 motor show in Detroit. The deliveries of these aggressive rides will start by May. The Fisker Karma will compete with the Model S of Tesla which is due for release in 2012.

With the low interest grants from the federal government, Fisker will be spending most of the funds to fuel Project Nina and come up with the infrastructure needed for its assembly.

The Project Nina is expected to be priced at the $48,000 line and it also qualifies for the tax credit since it is an electric vehicle. The production of Fisker is set to reach 100,000 units every year.

The Fisker team will still do their designs and engineering at their Pontiac, Michigan plant although their main office is in Irvine, California.