California-based venture capital firm, Fisker Automotive, is in advanced talks to buy an old General Motors plant in Wilmington, The Wall Street Journal reports. The plant will be used to build a plug-in electric hybrid vehicle to be launched in the U.S. market in 2012.

Restructuring firm, AlixPartners, is overseeing the plant and other old GM assets. Fisker, backed by venture capitalists including Kleiner Perkins Caufield & Byers, has also secured a $528 million loan from the Department of Energy to develop the vehicle.

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