With Nearly 50,000 Reservations for the Critically Acclaimed B1 and B2 Consumer Trucks, with Potential Customers and Upfitters Like Con Edison and Wabash, with Medium Duty Trucks Across Classes 3-6; Acquisition Accelerates Bollinger’s Delivery of Class 4 EV Trucks to 2023
Bollinger to Leverage Mullen’s Solid-State Battery Technology and Expertise
BREA, Calif., Sept. 08, 2022 (GLOBE NEWSWIRE) — by way of InvestorWire — Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an rising electrical automobile (“EV”) producer, publicizes at present its acquisition of a controlling curiosity in EV truck innovator Bollinger Motors. This is Mullen’s first EV acquisition and propels the Company into the medium obligation truck courses 3-6, together with the B1 and B2 sport utility vans. The buy worth is $148.2 million in money and inventory for a 60% controlling curiosity, which supplies Mullen the bulk possession of Bollinger Motors, Inc. and positions Bollinger to seize the electrical sport utility and business automobile markets. On Thursday, Sept. 8, at 2 p.m. EDT, Mullen Automotive and Bollinger Motors will host a live YouTube webinar introducing the 2 firms.
“This acquisition is one of the largest in the EV industry to date and provides Mullen with the unique opportunity to aggressively expand into the high-demand commercial EV space. The strong interest shown by major customers in all the high-volume segments like delivery, telecom, municipal services and utilities is a clear indication of the market’s desire for Bollinger’s vehicles,” stated David Michery, CEO and chairman of Mullen Automotive. “Combining Bollinger’s vehicles with our existing class 1 and class 2 EV cargo van programs gives us the chance to dominate the entire class 1-6 commercial light and medium duty truck segments. In addition, Bollinger will be able to leverage Mullen’s solid-state battery technology, making their current vehicles even more competitive as our technology launches across the total portfolio of EVs from both Mullen and Bollinger.”
Launched in 2015, Bollinger Motors is an American automobile designer and producer of electrical sport utility and medium obligation automobile traces. The firm additionally efficiently developed proprietary automobile battery packs, drivetrains, and thermal and automobile management software program items. In 2017, Bollinger constructed and debuted the critically acclaimed B1 class 3 sport utility automobile, the primary of its sort. The firm adopted its preliminary success with the event of the second-generation B1 and B2 autos, earlier than pausing in favor of business truck growth. With years of historical past in class 3 truck growth, mental property, patents and experience, the corporate’s choice made sense to pivot into business automobile growth for courses 3-6. As a part of the acquisition, the corporate brings Mullen almost 50,000 reservations beforehand taken for the B1 and B2 sport utility autos. With Mullen’s acquisition and capital injection, each B1 and B2 applications will start after the beginning of manufacturing for sophistication 3-6 business truck applications. A video presentation of Bollinger’s historical past might be discovered here.
The firm brings a big pipeline of curiosity from massive firms for business electrical truck courses 3-6 in a variety of markets akin to final mile supply, refrigeration, utilities and their upfitters. On Sept. 1, 2022, Bollinger revealed for the primary time the B4, a category 4 electrical business truck. The B4 electrical chassis cabs would be the first of the corporate’s business lineup to hit the bottom in upcoming shopper take a look at applications. The new Bollinger B4 incorporates years of suggestions from dozens of main fleets seeking to electrify their autos. The result’s a cab-forward truck, designed from the bottom as much as supply most cargo quantity, accommodate limitless adaptation and prioritize security. Bollinger can be testing B4 chassis cab vans this fall with quite a few fleet clients, upfitters and charging firms to collect constructive suggestions. Further particulars on Bollinger’s B4 announcement might be discovered here.
“We are proud to design our commercial EVs from the ground up, here in America, offering greater efficiency, lower total cost of ownership and greater cargo volume. Our dream is to build the world’s best trucks and SUVs,” stated Robert Bollinger, founder and CEO of Bollinger Motors. “Mullen shares a similar dream to build the best EV cars and trucks. This partnership will bring us closer to making those visions a reality, as it allows us to ramp up production on our end and get Mullen’s EV programs to the market faster.”
“We have been looking at this space carefully and raising the capital in advance, allowing us to take advantage of opportunities that arise,” added Michery. “We think Bollinger Motors is a perfect example of a smart investment in a known company and brand.”
“I am really impressed with what Robert Bollinger has created for the commercial vehicle space and the off-road capable B1 and B2 sport utility vehicles,” Michery continued. “Bollinger is a true innovator and generational company, and we believe they have the potential to turn the sector on its head, similar to what the Hummer H1 did over 30 years ago. Bollinger is a transformative acquisition and paradigm shift for the EV industry.”
Mullen Automotive and Bollinger Motors can be internet hosting a reside webinar on Thursday, Sept. 8, at 2 p.m. EDT, introducing the 2 firms. Details on the YouTube occasion might be discovered here.
About Mullen Automotive
Mullen Automotive is a Southern California-based automotive firm constructing the next-generation of premium electrical autos (EVs) which can be reasonably priced and constructed fully in the United States. With an end-to-end ecosystem that helps homeowners from take a look at driving to financing and servicing via a singular hybrid dealership mannequin, clients are supported via each facet of EV possession. The Mullen FIVE, the corporate’s first electrical crossover, is slated for supply in 2024 and options an award-winning design and its patented PERSONA expertise that makes use of facial recognition to personalize the driving expertise for each particular person. To be taught extra in regards to the firm, go to www.MullenUSA.com.
About Bollinger Motors
Founded in 2015 by Robert Bollinger, Bollinger Motors is a U.S.-based firm, headquartered in Oak Park, Michigan. Bollinger Motors manufactures all-electric platforms and chassis cabs for business autos in Classes 3-6. To be taught extra in regards to the firm, go to www.BollingerMotors.com.
Forward-Looking Statements
Certain statements in this press launch that aren’t historic details are forward-looking statements inside the that means of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press launch that aren’t statements of historic reality could also be deemed forward-looking statements. Words akin to “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential” and related expressions are supposed to establish such forward-looking statements. All forward-looking statements contain vital dangers and uncertainties that would trigger precise outcomes to vary materially from these expressed or implied in the forward-looking statements, lots of that are usually outdoors the management of Mullen and are tough to foretell. Examples of such dangers and uncertainties embody however aren’t restricted as to if the Bollinger majority possession acquisition can be helpful to the Company, whether or not Mullen can be profitable in capturing market share in the electrical sport utility and business automobile markets, whether or not combining Bollinger’s autos with the Company’s present class 1 and sophistication 2 EV cargo van applications can be profitable and whether or not the Company will obtain its objective of reaching a big stake in the category 1-6 business mild, medium and heavy-duty truck segments. Additional examples of such dangers and uncertainties embody whether or not Mullen’s solid-state battery expertise growth can be profitable and can be capable of be leveraged by Bollinger, if and when the Bollinger B1 and B2 sport utilities can be developed and whether or not the roughly 50,000 earlier reservations for the B1 and B2 sport utilities will materialize. Further examples of such dangers and uncertainties embody however aren’t restricted to: (i) Mullen’s capacity (or incapacity) to acquire extra financing in adequate quantities or on acceptable phrases when wanted; (ii) Mullen’s capacity to keep up present, and safe extra, contracts with producers, elements and different service suppliers regarding its business; (iii) Mullen’s capacity to efficiently develop in present markets and enter new markets; (iv) Mullen’s capacity to efficiently handle and combine any acquisitions of companies, options or applied sciences; (v) unanticipated working prices, transaction prices and precise or contingent liabilities; (vi) the power to draw and retain certified workers and key personnel; (vii) opposed results of elevated competitors on Mullen’s business; (viii) adjustments in authorities licensing and regulation which will adversely have an effect on Mullen’s business; (ix) the chance that adjustments in shopper conduct might adversely have an effect on Mullen’s business; (x) Mullen’s capacity to guard its mental property; and (xi) native, trade and normal business and financial circumstances. Additional elements that would trigger precise outcomes to vary materially from these expressed or implied in the forward-looking statements might be discovered in the newest annual report on Form 10-Ok, quarterly stories on Form 10-Q and present stories on Form 8-Ok filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent occasions and developments could trigger its plans, intentions and expectations to alter. Mullen assumes no obligation, and it particularly disclaims any intention or obligation, to replace any forward-looking statements, whether or not because of new info, future occasions or in any other case, besides as expressly required by regulation. Forward-looking statements converse solely as of the date they’re made and shouldn’t be relied upon as representing Mullen’s plans and expectations as of any subsequent date.
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
[email protected]
