Phoenix Sun: Saab Announces €70 million Technology Agreement

Like Phoenix, the mythological bird that burns down only to rise afresh from its ashes, Saab has been given a stay of execution.

That's because today, Saab Automobile AB announced the signing of a technology license agreement with the Swedish Automobile Coöperatief U.A. (SPV) for the non-exclusive rights in Saab’s (appropriately named, as it turns out) Phoenix architecture technology.

According to a press statement, Saab will receive €70 million (US$97 million) for the licensing agreement, thus securing the short-term funds it so desperately needed – especially after the courts rejected its reorganization plan and denied it protection from its creditors.

In the same deal, Youngman also signed a technology transfer license agreement with SPV for purchasing the license and guaranteeing its payment. The transaction is not yet sealed and the funds will be received when the appropriate documentation is finalized.

Saab intends to repay this short-term bridge loan with a part of the €245 million (US$338 million) it will receive when the Chinese authorities eventually approve the Panga Da-Youngman deal -something the company sincerely hopes will happen sooner rather than later.

 

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Fisker Signs Deal to get BMW 2.0-liter Turbo Engines

The man behind the design of BMW's Z8 roadster and now the owner of the brand that bears his name, Henrik Fisker, has announced a new deal with BMW that covers the supply of engines and other components for future Fisker models.

Under the agreement, BMW will supply its new 2.0-liter turbocharged four-cylinder gasoline engine for the next generation of Fisker cars, code-named ‘Project Nina’, which are scheduled to enter production in the re-commissioned former GM plant in Wilmington, Delaware at the end of 2012 and be on sale the following year.

Fisker said that the agreement calls for up to 100,000 engine units per year at peak volume.

The first derivative of the ‘Project Nina’ series will be a mid-size premium sedan that utilizes Fisker’s EVe range-extending hybrid system.

Henrik Fisker commented on the deal: “The BMW engine was an obvious choice for us, as BMW is known for producing the best and most fuel efficient gasoline engines in the world. We are very pleased to have signed this agreement.”

It has been reported that Fisker will unveil a new model at this month's Frankfurt motor show, though it is still unclear if it will be the mid-size sedan or as some sources suggested, a new crossover model.

 

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