Henrik Fisker's Nonprofit Shut Down After EV Startup Bankruptcy

Fisker Foundation Closes Amidst Company Bankruptcy

Henrik Fisker, the founder of the now-defunct electric vehicle company Fisker Inc., and his wife, Geeta, have concluded the operations of their private charitable foundation. Established in late 2021, the foundation aimed to foster innovation across several key areas.

Foundation's Initial Goals

The Geeta & Henrik Fisker Foundation was created to “incubate innovation” in healthcare, education, sustainability, and mobility. It also intended to support causes benefiting both people and animals, and the planet as a whole.

Limited Grantmaking

A tax filing submitted to the Internal Revenue Service in December 2024, designated as the foundation’s “final return,” revealed limited activity. Over its three-year lifespan, the foundation distributed approximately $100,000 in grants. Mr. Fisker did not respond to requests for comment regarding the closure.

The Rise and Fall of EV Startup Philanthropy

The short-lived existence of the Fiskers’ foundation exemplifies the optimistic surge surrounding electric vehicle startups during the 2020s. Many of these companies gained public status through mergers with special purpose acquisition companies (SPACs).

Rivian Foundation as a Contrast

Rivian, which went public via a traditional IPO in 2021, established its own foundation with a substantial initial endowment of 1% of the company’s equity. Although the value of this stake decreased over time, the Rivian Foundation remains active.

The Rivian Foundation distributed $10 million in grants last year and has awarded an additional $2.2 million in donations throughout 2025.

Foundation's Formation and Initial Assets

The Fiskers’ foundation was formed in late 2021, shortly after Fisker Inc. became publicly traded through a SPAC merger. Initially, the nonprofit received 229,000 shares of company stock.

These shares were valued at approximately $4 million at the time of the donation. The couple also contributed around $5,000 in cash during the foundation’s first year. Geeta Gupta Fisker served as Fisker Inc.’s chief financial and chief operating officer.

Public Announcement and Declining Value

The establishment of the foundation was publicly announced on February 14, 2022. However, by that point, a decline in Fisker’s stock price had already reduced the value of the foundation’s holdings to around $2.7 million.

No grants were awarded during the foundation’s first fiscal year, which concluded on September 30, 2022. The value of the shares further decreased to approximately $1.7 million by that date.

Production Challenges and Limited Impact

As Fisker Inc. commenced production of its electric SUV in late 2022 and began deliveries in mid-2023, the company faced challenges in selling the vehicle. These difficulties ultimately constrained the foundation’s operational capacity.

Grant Distribution in 2023

During the fiscal year ending September 30, 2023, the foundation made a single grant of $92,287 to a JP Morgan “Charitable Gift Fund.” The Fiskers contributed an additional $9,500 in cash that year.

The foundation’s assets were primarily comprised of shares, which had further diminished in value to around $1.4 million.

Final Filing and Closure

The final filing documenting the foundation’s closure indicates a final contribution of $1,988 to the same JP Morgan fund.

Additional Charitable Contributions

The Geeta & Henrik Fisker Foundation was not the couple’s sole philanthropic endeavor, though details regarding other contributions are scarce.

A 2022 press release mentioned that the Fiskers had supported various causes, including education and healthcare projects, since founding Fisker Inc. in 2016.

Donor-Advised Fund Donation

The release also stated that the Fiskers donated approximately $1.9 million worth of company stock to a donor-advised fund (DAF) in December 2021. This donation originated from the Fiskers’ personal trust, as indicated in an SEC filing, and the specific DAF recipient was not disclosed.

Controversies Surrounding DAFs

Donor-advised funds are sometimes subject to scrutiny. While donors retain control over the ultimate allocation of funds, this information is not always publicly available. Furthermore, contributions to DAFs can provide tax deductions even if the stock value subsequently declines.

DAFs can hold funds indefinitely, making it difficult to determine whether grants were made before or after a decrease in the value of donated assets.