via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN)
(“Mullen” or the “Company”), an emerging electric vehicle (“EV”)
manufacturer, announces today its acquisition of a controlling
interest in EV truck innovator Bollinger Motors. This is Mullen’s
first EV acquisition and propels the Company into the medium duty
truck classes 3-6, along with the B1 and B2 sport utility trucks.
The purchase price is $148.2 million in cash and stock for a 60%
controlling interest, which gives Mullen the majority ownership of
Bollinger Motors, Inc. and positions Bollinger to capture the
electric sport utility and commercial vehicle markets. On Thursday,
Sept. 8, at 2 p.m. EDT, Mullen Automotive and Bollinger Motors will
host a live YouTube webinar introducing the two companies.
“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,” said 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 manufacturer of electric sport utility and medium duty
vehicle lines. The company also successfully developed proprietary
vehicle battery packs, drivetrains, and thermal and vehicle control
software units. In 2017, Bollinger built and debuted the critically
acclaimed B1 class 3 sport utility vehicle, the first of its kind.
The company followed its initial success with the development of
the second-generation B1 and B2 vehicles, before pausing in favor
of commercial truck development. With years of history in class 3
truck development, intellectual property, patents and expertise,
the company’s decision made sense to pivot into commercial vehicle
development for classes 3-6. As part of the acquisition, the
company brings Mullen nearly 50,000 reservations previously taken
for the B1 and B2 sport utility vehicles. With Mullen’s acquisition
and capital injection, both B1 and B2 programs will begin after the
start of production for class 3-6 commercial truck programs. A
video presentation of Bollinger’s history can be found
here.
The company brings a significant pipeline of interest from large
companies for commercial electric truck classes 3-6 in a wide range
of markets such as last mile delivery, refrigeration, utilities and
their upfitters. On Sept. 1, 2022, Bollinger revealed for the first
time the B4, a class 4 electric commercial truck. The B4 electric
chassis cabs will be the first of the company’s commercial lineup
to hit the ground in upcoming client test programs. The new
Bollinger B4 incorporates years of feedback from dozens of major
fleets looking to electrify their vehicles. The result is a
cab-forward truck, designed from the ground up to offer maximum
cargo volume, accommodate unlimited adaptation and prioritize
safety. Bollinger will be testing B4 chassis cab trucks this fall
with numerous fleet customers, upfitters and charging companies to
gather constructive feedback. Further details on Bollinger’s B4
announcement can be found 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,” said 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 will be hosting a live
webinar on Thursday, Sept. 8, at 2 p.m. EDT, introducing the two
companies. Details on the YouTube event can be found
here.
About Mullen AutomotiveMullen Automotive is a
Southern California-based automotive company building the
next-generation of premium electric vehicles (EVs) that are
affordable and built entirely in the United States. With an
end-to-end ecosystem that supports owners from test driving to
financing and servicing through a unique hybrid dealership model,
customers are supported through every aspect of EV ownership. The
Mullen FIVE, the company’s first electric crossover, is slated for
delivery in 2024 and features an award-winning design and its
patented PERSONA technology that utilizes facial recognition to
personalize the driving experience for every individual. To learn
more about the company, visit www.MullenUSA.com.
About Bollinger MotorsFounded in 2015 by Robert
Bollinger, Bollinger Motors is a U.S.-based company, headquartered
in Oak Park, Michigan. Bollinger Motors manufactures all-electric
platforms and chassis cabs for commercial vehicles in Classes 3-6.
To learn more about the company, visit www.BollingerMotors.com.
Forward-Looking StatementsCertain statements in
this press release that are not historical facts are
forward-looking statements within the meaning of Section 27A of the
Securities Exchange Act of 1934, as amended. Any statements
contained in this press release that are not statements of
historical fact may be deemed forward-looking statements. Words
such as "continue," "will," "may," "could," "should," "expect,"
"expected," "plans," "intend," "anticipate," "believe," "estimate,"
"predict," "potential" and similar expressions are intended to
identify such forward-looking statements. All forward-looking
statements involve significant risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied in the forward-looking statements, many of which are
generally outside the control of Mullen and are difficult to
predict. Examples of such risks and uncertainties include but are
not limited to whether the Bollinger majority ownership acquisition
will be beneficial to the Company, whether Mullen will be
successful in capturing market share in the electric sport utility
and commercial vehicle markets, whether combining Bollinger’s
vehicles with the Company’s existing class 1 and class 2 EV cargo
van programs will be successful and whether the Company will
achieve its goal of achieving a significant stake in the class 1-6
commercial light, medium and heavy-duty truck segments. Additional
examples of such risks and uncertainties include whether Mullen’s
solid-state battery technology development will be successful and
will be able to be leveraged by Bollinger, if and when the
Bollinger B1 and B2 sport utilities will be developed and whether
the approximately 50,000 previous reservations for the B1 and B2
sport utilities will materialize. Further examples of
such risks and uncertainties include but are not limited to: (i)
Mullen’s ability (or inability) to obtain additional financing in
sufficient amounts or on acceptable terms when needed; (ii)
Mullen's ability to maintain existing, and secure additional,
contracts with manufacturers, parts and other service providers
relating to its business; (iii) Mullen’s ability to successfully
expand in existing markets and enter new markets; (iv) Mullen’s
ability to successfully manage and integrate any acquisitions of
businesses, solutions or technologies; (v) unanticipated operating
costs, transaction costs and actual or contingent liabilities; (vi)
the ability to attract and retain qualified employees and key
personnel; (vii) adverse effects of increased competition on
Mullen’s business; (viii) changes in government licensing and
regulation that may adversely affect Mullen’s business; (ix) the
risk that changes in consumer behavior could adversely affect
Mullen’s business; (x) Mullen’s ability to protect its intellectual
property; and (xi) local, industry and general business and
economic conditions. Additional factors that could cause actual
results to differ materially from those expressed or implied in the
forward-looking statements can be found in the most recent annual
report on Form 10-K, quarterly reports on Form 10-Q and current
reports on Form 8-K filed by Mullen with the Securities and
Exchange Commission. Mullen anticipates that subsequent events and
developments may cause its plans, intentions and expectations to
change. Mullen assumes no obligation, and it specifically disclaims
any intention or obligation, to update any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by law. Forward-looking
statements speak only as of the date they are made and should not
be relied upon as representing Mullen’s plans and expectations as
of any subsequent date.
Contact:Mullen Automotive, Inc.+1 (714)
613-1900www.MullenUSA.com
Corporate Communications:InvestorBrandNetwork
(IBN) Los Angeles, California www.InvestorBrandNetwork.com
310.299.1717 Office Editor@InvestorBrandNetwork.com
- Bollinger B4
- Bollinger B1
- Bollinger B2
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