Fisker Inc has raised $150 million from an existing institutional investor through the issue of convertible bonds with an additional $550 million in funding available, the electric-vehicle startup said on Friday.

The EV company expects to use the proceeds to ramp up deliveries. Fisker earlier this month reiterated its plan to increase deliveries of its flagship Ocean sports utility vehicle to 300 units per day later this year.

The new investment follows a previously announced convertible notes offering of $340 million in July to the unnamed investor.

Shares of the company fell 2.3% in premarket trading.

(Reporting by Tanya Jain in Bengaluru; Editing by Sriraj Kalluvila)