Fisker Automotive, announced on Friday, that it has filed for bankruptcy protection.
Fisker also announced that it has reached an asset purchase agreement with Hybrid Tech Holdings. The company hopes that its technology will still be able to have a hand in the development of the automotive industry under the guidance of Hybrid Tech, Yahoo notes
Fisker had obtained $192 million in loans from the U.S. government. According to the Department of Energy, Fisker has paid back $53 million to the government, reports Yahoo.
Fisker was started in 2007 by Henrik Fisker and Bernhard Koehler. Fisker had previously worked as a designer for Aston Martin and BMW. The company’s cars have been driven by celebrities including Leonardo DiCaprio, Ashton Kutcher and Justin Bieber, Yahoo notes.
According to the Chicago Tribune, Hybrid Tech paid $25 million to obtain Fisker’s assests. Hybrid Tech may start making Fisker’s Karma, a hybrid sports car, again in the Unite States.