Fisker NewsFisker Automotive is seeking a loan from the U.S. Department of Energy in order to develop a relatively low-cost plug-in hybrid model. The company — which is about to launch production of its $88,000 Karma luxury sedan — claims it could have a cheaper model on the market in just over two years with sufficient funding.

“If we get the DoE loan we will start the project this year,” CEO Henrik Fisker told Reuters in an interview. “It could be in the market in as little as 26 months from when we start.”

The Karma can travel 80 miles on electricity alone, before its gasoline generator kicks in. The car works in a similar manner to the Chevrolet Volt. A lower cost model from Fisker would likely target a similar price range as the Volt.

“If we get that, it could be in the market extremely quickly,” Fisker said at the Geneva Motor Show. He did not disclose how much money the company was seeking.

Rival Tesla is seeking $350 million from the program, while the Detroit Three are seeking a combined $21 billion of the $25 billion available. Battery supplier A123 wants a $2 billion chunk of the program. A total of 75 companies applied to the loan program, and that total has now been reduced to 26. The first funds are expected to be distributed in April.