Fisker Secures Long-Term Battery Capacity wtih CATL for the Fisker Ocean SUV

• Fisker and CATL agree on over 5 Gigawatt-hours (GWh) annual battery capacity for the Fisker Ocean SUV. 

• Fisker will utilize CATL’s unique dual-chemistry cell capability to optimize performance, application, cost and market position across the Fisker Ocean option package lineup.

• Fisker and CATL to optimize battery pack structure to support Fisker Ocean packaging requirements.

• CATL to supply Fisker Ocean production with small (LFP) and large (NMC) advanced battery packs over multiple years and is fully on-track to support the November 17th, 2022, start of production milestone and subsequent ramp-up.

LOS ANGELES, USA / NINGDE, CHINA (November 2, 2021) – Fisker Inc. (NYSE: FSR) (“Fisker”) today announced a formal agreement with Contemporary Amperex Technology Co., Limited, (SZSE: 300750) (“CATL”) cementing battery capacity for the Fisker Ocean SUV. 

Under the terms of the agreement, CATL will supply two different battery solutions for the Fisker Ocean SUV, with an initial battery capacity of over 5 Gigawatt-hours annually, from 2023Y-2025Y. The primary high-capacity pack uses a lithium nickel manganese cobalt (NMC) cell chemistry with the second high-value pack offering CATL’s latest cells based on lithium-ion phosphate (LFP) chemistry. Fisker and CATL teams have been working seamlessly together in close collaboration since 2020 to develop class leading Fisker battery solutions optimized for vehicle structure, crashworthiness and very high levels of energy density. Currently the teams are engaged in extensive testing and validation at the pack and vehicle level.

“Securing this supply agreement with CATL is another important step in the development of the Fisker Ocean and achieving our battery performance objectives,” says CEO and Chairman Henrik Fisker. “By utilizing multiple chemistries and designing an extremely efficient pack, we will be able to achieve our targeted driving range for the Fisker Ocean Sport, and to bring segment-benchmark driving range to the longer-range versions of Fisker Ocean.”

“As CATL expands its global footprint to help create clean mobility for all, we are delighted to reach long term collaboration with Fisker and provide battery technology that is unique to Fisker’s product rollout. We are excited to support Fisker to reach its sustainability, performance and growth targets,” says Zhou Jia, president of CATL. 

In addition to meeting the demanding packaging requirements for the Fisker Ocean program, the Fisker Ocean battery packs have additional features that permit direct charging from the optional solar roof, using an innovative engineering integration strategy. Further, both battery pack solutions have been engineered to support peak charging powers of over 250 kW. 

Commenting on this announcement, Daniel Foa, senior advisor to Fisker who will serve as Supervisor of the company’s China entity upon formation, says: “Having CATL and Fisker join forces on battery technology demonstrates the strategic intent of both companies to take leadership in the future of electric mobility”.

Fisker remains on target to start production and deliveries of the all-electric Fisker Ocean in November 2022 – and to unveil the production-intent version, including additional battery specifications and product features, on Nov. 17, 2021, at the Los Angeles Auto Show.  

About Fisker Inc. 

California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world's most sustainable vehicles.