Mullen Automotive Files U.S. Department of Energy ATVM Loan Application for Mullen ONE EV Cargo Van Program
May 02 2022 - 6:00AM
via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN)
(“Mullen” or the “Company”), an emerging electric vehicle (“EV”)
manufacturer, announces the filing of its ATVM loan application for
the Mullen ONE EV Cargo Van Program with the U.S. Department of
Energy. The application was filed on April 29, 2022.
Mullen submitted its prequalification on April 25, 2022, and was
invited by the Department of Energy to formally submit its loan
application on April 29, 2022. Mullen submitted the loan
application on April 29 at approximately 1:55 p.m. Pacific
time.
“We are proud to announce the submission of our ATVM loan
application for the Mullen ONE EV Cargo van program,” said David
Michery, CEO and chairman of Mullen Automotive. “We began our ATVM
loan journey in 2019, and the DOE has been following our progress
since then. I want to thank the entire Mullen Automotive team for
working diligently on this submission. I also want to thank the DOE
for their continued support of our initiative to put Americans back
to work. This is a huge milestone for us, with many more to
follow.”
The Mullen ONE EV is a Class 1 light commercial cargo van rated
under 6,000 pounds GVRW and will be one of the first electric
commercial vehicle offerings in this category. Market leaders in
the Class 1 light commercial van category include the Ford Transit
Connect and Ram Promaster City Cargo Van. Find out more about
Mullen’s EV Cargo Vans at Mullenusa.com.
The ATVM Loan Program was authorized by the Energy Independence
and Security Act of 2007 to support the manufacturing of eligible
light-duty vehicles and qualifying components in the United States.
Since the start of the program, the Department of Energy has closed
on more than $8 billion in loans.
About MullenMullen is a Southern
California-based automotive company that owns and partners with
several synergistic businesses working toward the unified goal of
creating clean and scalable energy solutions. Mullen has evolved
over the past decade in sync with consumers and technology trends.
Today, the Company is working diligently to provide exciting EV
options built entirely in the United States and made to fit
perfectly into the American consumer’s life. Mullen strives to make
EVs more accessible than ever by building an end-to-end ecosystem
that takes care of all aspects of EV ownership.
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 ATVM loan application will be
approved, whether there will be continued interest in the Mullen
Automotive stock by retail investors; whether the Company will
achieve its objectives of launching its EV crossover, the FIVE,
within anticipated timelines and, if so, if the FIVE will be a
success; and whether the Company’s partnerships with ARRK, Dürr,
and DSA Systems and Over the Air (OTA) will result in expediting
the rollout of the FIVE. Additional 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;
and (x) Mullen’s ability to protect its intellectual property;
(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 Company’s 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
Wire Service Contact:InvestorWire (IW) Los
Angeles, Californiawww.InvestorWire.com212.418.1217
OfficeEditor@InvestorWire.com
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