Mullen Advanced Energy Operations Provides May 15 Update on EMM Testing and Installation with D.C. City Government
May 15 2023 - 8:30AM
via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the
“Company”), an emerging electric vehicle (“EV”) manufacturer, today
issues an update on the pilot program contract for installation of
Energy Management Modules (“EMM”) on Washington, D.C., city
government’s fleet of vehicles.
The $680,000 contract was previously awarded by the District of
Columbia, Washington, D.C., to EV Technologies, LLC. for the
purchase and installation of EMM units on Chevrolet Bolts within
the D.C. city government’s vehicle fleet. Mullen Advanced Energy
Operations (“MAEO”) is supporting EV Technologies for the execution
of the contract, which started April 24, 2023. MAEO, which is a
51%-owned subsidiary of Mullen Automotive, is a collaboration with
Global EV Technology, Inc. (“Global”).
MAEO has named Lawrence Hardge to the position of senior vice
president of technology. Lawrence will be overseeing all
technological aspects of the Energy Management Module ("EMM")
applications.
“We look forward to completing our installation work here in
D.C. and the next steps as vehicles enter the fleet with our EMM
and also future opportunities with the local and federal government
agencies," said Lawrence Hardge, CEO of EV Technologies, LLC.
“As testing and installations continue in D.C., we will provide
further updates,” said David Michery, CEO and chairman of Mullen
Automotive.
About MullenMullen Automotive (NASDAQ: MULN) is
a Southern California-based automotive company building the next
generation of electric vehicles (“EVs”) that will be manufactured
in two Company-owned United States-based assembly plants. Mullen's
EV development portfolio includes the Mullen FIVE EV Crossover,
Mullen Commercial Class 1 and 3 EVs and Bollinger Motors, which
features both the B1 and B2 electric SUV trucks and Class 4-6
commercial offerings. 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 all IP and a
650,000-square-foot plant in Mishawaka, Indiana.
To learn more about the Company, visit www.MullenUSA.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: (i) the timing of the commencement or completion of
the different phases of the installation and testing of the Energy
Management Module (“EMM”) units, including whether the testing and
installation on 40 vehicles will occur over the next few weeks, and
whether the installation of the EMM units on the D.C. city
government’s Chevrolet Bolt vehicle fleet will be successfully
implemented; whether the contract awarded by the District of
Columbia, Washington, D.C., to EV Technologies, LLC will be
assigned to MAEO as contemplated by the agreement between Mullen
and EV Technologies; whether the terms of the city government
contract will be honored by the contracting parties; whether the
pilot program with the District of Columbia, Washington, D.C., will
be successful or result in additional orders or contracts; whether
any other purchase orders or agreements for the EMM technology will
materialize; whether the test results, which indicate that applying
Energy Management Module (“EMM”) technology to an electrical
vehicle significantly increases vehicle range, are accurate;
whether the results achieved from the initial testing by Element
and Mullen are sustainable, scalable or will produce the expected
results when deployed in the city government’s fleet of Chevrolet
Bolts, the Company’s or other vehicles; whether any expected
vehicle range increases can be achieved at a low cost; whether the
Company’s recently acquired joint venture technology will greatly
improve current EV performance by increasing EV vehicle range or
otherwise; and whether the projected increases in range and mileage
are accurate or achievable; (ii) whether the EMM product will be
successfully completed or integrated into the city government’s
fleet of Chevrolet Bolts or any other vehicles; and whether the EEM
product and associated technology will prove beneficial; (iii)
Mullen’s ability (or inability) to obtain additional financing in
sufficient amounts or on acceptable terms when needed; (iv)
Mullen's ability to maintain existing, and secure additional,
contracts with manufacturers, parts and other service providers
relating to its business; (v) Mullen’s ability to successfully
expand in existing markets and enter new markets; (vi) Mullen’s
ability to successfully manage and integrate any acquisitions of
businesses, solutions or technologies; (vii) unanticipated
operating costs, transaction costs and actual or contingent
liabilities; (viii) the ability to attract and retain qualified
employees and key personnel; (ix) adverse effects of increased
competition on Mullen’s business; (x) changes in government
licensing and regulation that may adversely affect Mullen’s
business; (xi) the risk that changes in consumer behavior could
adversely affect Mullen’s business; (xii) Mullen’s ability to
protect its intellectual property; and (xiii) 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
- Mullen Provides Update on EMM Installation Project with D.C.
City Government
Mullen Automotive (NASDAQ:MULN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mullen Automotive (NASDAQ:MULN)
Historical Stock Chart
From Jul 2023 to Jul 2024