Henrik Fisker quietly wound down his nonprofit after his EV startup went bankrupt

Henrik Fisker, the entrepreneur behind the now-defunct electric vehicle company Fisker Inc., along with his wife Geeta, has discreetly dissolved their charitable organization, the Geeta & Henrik Fisker Foundation. Founded in late 2021 with a mission to foster innovation in various sectors including healthcare and sustainability, the foundation's activities came to an end following the bankruptcy of Fisker Inc., which was filed in mid-2024. According to a tax return submitted to the IRS in December 2024, which marked the foundation's final filing, the couple's philanthropic efforts yielded approximately $100,000 in grants over a span of three years. This closure highlights a broader trend in the electric vehicle sector, where numerous startups, many of which entered the market through SPAC mergers, have experienced significant upheaval. In contrast, Rivian, another electric vehicle manufacturer, has maintained its foundation, which received 1% of the company’s equity during its IPO in 2021. Although the value of that equity has fluctuated dramatically, the Rivian Foundation continues to operate, having disbursed $10 million in grants in its inaugural year and accumulating additional donations since then. The Fiskers established their foundation shortly after Fisker Inc. went public, transferring shares valued at around $4 million at the time. However, by the time of their press release in February 2022, the stock's value had already dropped to about $2.7 million. The foundation did not distribute any grants in its first fiscal year, and as Fisker Inc. faced production challenges and declining sales, the foundation's financial situation deteriorated further. In its final year, the foundation made a single grant for $1,988 to a JP Morgan Charitable Gift Fund, with the majority of its remaining assets tied up in company shares, which had plummeted to a valuation of approximately $1.4 million. Despite the challenges faced by their foundation, the Fiskers have reportedly supported various charitable causes since founding their electric vehicle venture in 2016, including a notable donation of $1.9 million in company stock to a donor-advised fund in late 2021, although details on this contribution remain scant. As the electric vehicle market continues to evolve, the Fiskers' experience serves as a reminder of the volatility inherent in the startup landscape and the complexities of philanthropic endeavors in this challenging environment.