Fisker has revealed the plug-in hybrid Atlantic, the vehicle that is supposed to be its mainstream entry into the automotive world. The debut coinciding with the New York auto show couldn’t be better timed: The company just disclosed that it has raised $339 million to put the project—previously “on hold” because of funding woes—back on track. At least the badge finally gives the company’s “Project Nina” codename a little context, since Nina was one of Columbus’s ships to cross the Atlantic.

Among all of Fisker Automotive’s shortcomings, styling isn’t one. Designer Henrik Fisker’s pen is as sharp as ever, with the Atlantic bearing just the right amount of resemblance to the larger Karma. Like its big brother, the Atlantic’s fascia bears a passing resemblance to Snidely Whiplash, with a two-piece black upper grille and squinty projector headlights. (Fisker calls these “eagle eye” lights.) The door panels sweep inward toward and away from the B-pillar, and Henrik has nicely integrated the handles for the rear doors into the C-pillar, like on the Alfa Romeo Giulietta. At the back, wide and slim taillights make the Atlantic look like it’s shorter and sitting lower than it probably is—a very nice design touch. A transparent roof doesn’t open, but does show off roof crossmembers as a styling element.

The Atlantic is said to be about the size of an Audi A5, without saying whether that means the 182.1-inch A5 coupe sold in the U.S. or the 185.5-inch A5 Sportback sold in Europe. Either way, figure on the Atlantic splitting the size difference between the BMW 3-series and the Cadillac CTS.

Like the Karma, the Atlantic can accurately be called a plug-in series hybrid or an electric vehicle with a range-extending engine, depending on your preference for long titles. In essence, the Atlantic can work as a full EV for a certain number of miles, using a battery pack to power its electric motor. After the battery pack is depleted, a gasoline engine kicks on and works as a generator to keep the battery juiced and the electric motor fed with electricity. Fisker also says that drivers can choose to turn on the gasoline engine at any point, to maintain the battery’s charge.

BMW and Fisker agreed last year on a deal to have the Bavarian automaker supply turbocharged 2.0-liter, four-cylinder gasoline engines for the Atlantic. Although this engine produces 240 hp and 255 lb-ft of torque in BMW’s 328i, it will be tuned differently in the Atlantic, with a focus on efficiency and torque rather than outright horsepower. By default, the Atlantic will be rear-wheel drive, and Fisker says all-wheel drive will be optional.

Today’s announcement from Fisker contains no information about the supplier for the Atlantic’s battery pack, but in all likelihood a lithium-ion setup will come from A123 Systems. Back in early 2010, the two companies announced that along with supplying the battery pack for the Karma, A123 intended to design the battery for the “Project Nina” car—the Atlantic—as well.

Since, then, we’ve heard no updates on A123 and the Atlantic, but the two companies remain closely linked: A123 Systems invested more than $20 million in Fisker a few years ago. (That share is now said to be worth just $7.5 million.) More than a quarter of A123’s business in 2011 came from Fisker, and with both companies in trouble financially, the stability of each threatens the other.

What we see of the Atlantic, we really like. With a smaller platform and a newer propulsion system, the Atlantic even could overcome our chief gripe with the Karma: its immense mass. For now, however, we’ll have to wait for Fisker to reveal more details.

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