Photo credit: Fisker

Fisker, an electric car company with origins from the ruins of Fisker Automotive, an electric car company that was bought out of bankruptcy, has raised $50 million in funding from a fund controlled by hedge fund titan Louis Bacon. Moore Strategic Ventures, a private investment vehicle controlled by Bacon, provided the funding, which Fisker says will be used to support the next phase of engineering work for its planned Fisker Ocean electric SUV. Fisker plans to release the vehicle in 2022.

Fisker’s new funding happens to come on the heels of Karma Automotive, another offshoot of Fisker Automotive, raising $100 million in funding. Interest in the field of electric vehicles seems to have risen as of late, as publicly-traded electric car makers such as the likes of Tesla and Nikola have wildly shot up in value. Just recently, Tesla surpassed automaker Toyota to become the world’s most valuable automaker, despite selling much lesser cars and minting sizeably lesser revenue than the Japanese automaker.

According to Bloomberg, Moore Strategic Ventures’ investment values Fisker at $1.6 billion. The investment coincides with Fisker announcing the appointment of new executives, including a chief technology officer. Burkhard Huhnke, a former vice president of e-mobility for Volkswagen America, is now Fisker’s CTO and will head the company’s R&D activities across its Los Angeles and Silicon Valley offices. Fisker has also a poached a communications executive from freelancing platform Toptal.

“As we accelerate the development of the Fisker Ocean, I am excited to keep building an executive team capable of delivering our brand, product and service experiences,” Fisker CEO Henrik Fisker said in a statement. “We are seeing a profound disruption in the automotive industry, where digital customer experiences and software will join emotive design to become major brand pillars for any future car company. Fisker Inc. is ideally positioned to take full advantage of this transformation.”