Electric-vehicle maker Fisker Inc. has raised $50 million from hedge fund veteran Louis Bacon, with the money going toward engineering for the SUV it aims to roll out in 2022, the company said.

The deal, done through Bacon’s private investment vehicle Moore Strategic Ventures LLC, values Fisker at more than $1.6 billion according to a person familiar with the matter, who asked not to be identified discussing private information.

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SAVED From Bankruptcy: Fisker Secures $50 Million From Hedge Fund

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