Loop to Offer up to $300 Million in
Available Financing via Its Loop-as-a-Service Program to Deploy
Level 2 and Level 3 DC Public Charging Stations Across the Mullen
Charging Network Powered by Loop
Mullen and Loop Will Provide
Turnkey, Co-Branded Intelligent Electric Vehicle Charging
Technology, Accelerating the Expansion of the Charging
Infrastructure in the USA
BREA, CA -- December 14, 2022 -- InvestorsHub NewsWire
-- Mullen Automotive,
Inc. (NASDAQ: MULN)
(“Mullen” or the “Company”), an emerging electric vehicle (“EV”)
manufacturer, announces today that it has entered into a definitive
agreement with Loop Global Inc. ("Loop"), a
full-service EV charging solution provider, to build the next
generation of public and private EV charging technology,
infrastructure and network solutions.
The partnership will combine Mullen Automotive’s expertise in
electric vehicle design and engineering with Loop’s expertise in
electric vehicle charging infrastructure to offer a comprehensive
solution for businesses, municipalities and residential EV drivers
looking to deploy seamless and reliable EV charging stations.
Mullen EV Charging Network Powered by Loop will support both
level 2 and level 3 DC fast charging. The turnkey solution will
include everything from site assessment and design to installation
and ongoing operation. It will also feature cutting-edge technology
such as fast-charging capabilities and smart charging
technology.
In addition, the companies are teaming up to finance and/or own
and operate EV charging infrastructure through Loop’s unique
financing program, called the Loop Impact Fund. Further, Loop as a
Service (“LaaS”) payment options provide Mullen EV Charging Network
customers with a no Capex budget solution for the turnkey
installation of EV charging infrastructure at $0 down, utilizing a
portion of the estimated monthly charging revenue to pay for the
upgrades over a fixed term.
“Our partnership with Loop will not only enable us to provide
turnkey EV charging solutions to our customers, but also the Loop
Impact Fund commitment is an opportunity to provide our customers
with potential cash flow-positive alternative financing when
implementing the Mullen EV Charging Network Powered by Loop. In
addition to being highly strategic, this partnership aligns with
our goal of end-to-end efficiency to make owning a Mullen EV much
more user friendly,” said David Michery, chairman and CEO of
Mullen.
"Loop Global is thrilled to partner with Mullen Automotive to
offer turnkey electric vehicle charging solutions," said Dustin
Cavanaugh, CEO of Loop Global. "Our combined teams are dedicated to
providing the most comprehensive technology and services to support
the transition to electric transportation, and we are excited to
work with Mullen Automotive to make that vision a reality."
About Mullen
Mullen Automotive (NASDAQ:
MULN) 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.
Mullen's EV development portfolio includes the Mullen FIVE EV
Crossover, Mullen Commercial Class 1-3 EVs and Bollinger Motors,
which features both the B1 and B2 electric SUV trucks and Class 4-6
commercial offerings. 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. On Sept. 7, 2022, Bollinger Motors became a
majority-owned EV truck company of Mullen Automotive, and on Dec.
1, 2022, Mullen closed on the acquisition of all of Electric Last
Mile Solutions’ (“ELMS”) assets, including IP and a
650,000-square-foot plant in Mishawaka, Indiana.
About Loop
Loop is one of the fastest-growing electric vehicle charging
network infrastructure companies in the world. The company provides
turnkey hardware, software and ongoing operating service-based
solutions that simplify and streamline the delivery of
cost-effective public and private EV charging network
infrastructure for commercial, multifamily residential, fleet and
municipal real estate markets. Since its launch in 2019, Loop has
grown to provide comprehensive EV charging solutions in all 50 U.S.
states as well as over 15 countries and growing.
Forward-Looking Statements
Certain 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 joint venture agreement with Loop will
be a success; whether the $300 million from the
Loop-as-a-Service program will materialize and, if so,
what amounts will be deployed to the Mullen program; whether the
resultant product developed will include the
contemplated features and technology, including turnkey EV charging
solutions for Mullen’s EV and other customers; whether the
contemplated joint venture to finance and/or own and operate EV
charging infrastructure through Loop’s Impact Fund will
materialize; and whether the Loop as a Service payment or other
financing options that may be offered will be beneficial to Mullen
EV Charging Network customers.
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) 613-1900
www.MullenUSA.com
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