Fisker Reveals US Emission Credits Strategy

Fisker has shared their emission credits strategy for the United States and announced that a major automaker has already agreed to purchase their credits at competitive rates.

All-electric Fisker Ocean charging at public ChargePoint EV charger.
All-electric Fisker Ocean charging at public ChargePoint EV charger.

Today, Fisker published details about its emissions credits strategy for the United States. Until now, Fisker had not disclosed its plans for the utilization of its US emissions credits. US regulators have certified the Fisker Ocean for sale. This grants Fisker the ability to sell emission credits, which is an integral part of its overall business strategy. Fisker confirms that they have already reached an agreement to sell emission credits to a major automaker at competitive rates, without disclosing the name of the company.

As Fisker discussed during the 3rd Annual Meeting of Shareholders this morning, the company will start Fisker Ocean deliveries later this month in the United States. The Fisker Ocean Extreme has obtained both an EPA Certificate of Conformity (CoC) and a California Air Resources Board (CARB) Executive Order. This approves the electric SUV for sale and delivery in all 50 US states and the District of Columbia.

“We are excited that as an all-electric startup, we can offer other carmakers competitive choices to obtain emission credits and remain in compliance with regulations in the US. We have been looking forward to participating in the emission-credits market since we founded Fisker Inc. in 2016.”

Henrik Fisker, Chairman & CEO, Fisker Inc.

Fisker’s US Emission Credits

CARB has confirmed both Fisker Ocean One and Ocean Extreme will generate the maximum allowable credits per vehicle. This happens to be 4.0 ZEV credits for units sold in California. It also applies to over a dozen other US states that have adopted California’s environmental standards. Fisker said that carmakers can purchase these credits to avoid a non-compliance penalty of up to $5,000 per violation.

Furthermore, the National Highway Transportation Safety Administration (NHTSA) establishes annual target measurements for miles per gallon under the “Corporate Average Fuel Economy” (CAFE) requirement. Each tenth of a mile of over compliance generates carmakers a credit. Based on the 2023 target measurement, each Fisker Ocean sold will generate approximately 395 credits. Car manufacturers can purchase credits to offset any penalties for noncompliance, which amount to $15 per credit.

In 2014, the EPA established Tier III emission requirements, which included a credit-based system for non-greenhouse gas (GHG) emissions such as oxides of nitrogen and non-methane organic gases (NMOG+NOx credits). Fisker expects to generate significant credits for model years 2023 and 2024 through this program.

Fisker also shared that the EPA has established greenhouse gas requirements for new vehicles. Based on the 2023 GHG requirements, each all-electric Fisker Ocean will generate approximately 159 credits. The EPA does not have a standard penalty for noncompliance. However, California has its own GHG program similar to the EPA’s. This is good news as we now have knowledge of Fisker’s plans for their US emission credits.

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