Electric car-maker Fisker Automotive is seeking to raise around $200 million at a valuation of around $2.2 billion, according to multiple sources.

Existing shareholder Advanced Equities is marketing the deal, which is being characterized as a “pre-IPO” round. Not surprising given that rival Tesla Motors TSLA is already public with a market cap of around $2.5 billion. On the other hand, if I had an electric car for every cleantech company that has raised “pre-IPO” funding without filing for an actual IPO, I’d need to pave a few more driveways…

Fisker’s valuation has yo-yoed a bit, but this would be an up-round. Research firm VC Experts reports that Fisker’s last financing, completed earlier this year, came at a $1.5 billion valuation.

VC Experts also reports that Chicago-based Advanced Equities is now Fisker’s largest outside shareholder, with a 14.61% position. Kleiner Perkins Caufield & Byers comes in second with 12.61%. Other significant shareholders include ACE Strength Ltd., New Enterprise Associates and A123 Systems.

A Fisker spokeswoman did not return a request for comment.