via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the
“Company”), an emerging electric vehicle (“EV”) manufacturer,
announces today that Bollinger Motors (“Bollinger”) received final
approval from the state of Michigan for a $3 million grant aimed at
promoting job creation in the state. In a unanimous decision, the
Michigan Strategic Fund Board approved the incentive through the
Michigan Business Development Program.
“Bollinger Motors is poised for growth and we’re proud to be
focused on expanding our company’s operations as we approach
start-of-production,” said Robert Bollinger, founder and CEO of
Bollinger Motors. “I appreciate Michigan’s faith in our plan and
our product as we seek to electrify America’s fleets.”
The grant funds will be distributed to the company as they reach
job creation milestones over the next five years. The award also
includes access to an estimated $2 million in talent services and
training support through Oakland County Michigan Works!
“Congratulations to the entire Bollinger Motors team on your
continued growth and success! We are thrilled to begin this next
chapter of Team Michigan’s partnership with Bollinger as we
continue to position Michigan as the undisputed leader in vehicle
electrification and future mobility,” said Quentin L. Messer,
Jr., CEO of the Michigan Economic Development Corporation and
president and chair of the Michigan Strategic Fund. “This project
is a win for Southeast Michigan and the entire state. We are
grateful to Governor Whitmer, legislators from both parties, and
local officials for their continued support for our programs that
help make announcements like this possible. We’re proud to join our
partners as we celebrate Bollinger’s expansion and will continue to
earn investments like this one, invest in places and support our
people as we encourage businesses of all sizes to Make It In
Michigan.”
“I applaud the Michigan Strategic Fund’s approval of a job
creation grant for Bollinger Motors,” said State Representative
Natalie Price (D-5th District). “Not only will this grant help
create hundreds of jobs in Oak Park, but it will continue to spur
innovation in the electric vehicle market, leading us all towards a
clean energy future.”
Today’s award followed a series of announcements in recent
months illustrating the company’s commitment to the region,
including partnerships with Our Next Energy in Troy, Michigan, to
supply the company with batteries and related components and Roush
Industries in Livonia, Michigan, to manage vehicle assembly
operations.
“Michigan is our home, and we look forward to the future with
our ongoing partnerships and support from Oak Park, Oakland County,
and the state of Michigan. They all play a large role in our
continued success and growth,” said Jason Puscas, general counsel
for Bollinger Motors.
"On behalf of the City of Oak Park we are proud to support this
expansion project and thrilled the Bollinger Motors headquarters
will remain in Oak Park,” said Erik Tungate, city manager of Oak
Park. “Bollinger Motors moved to Oak Park in 2020 and has been an
impactful addition to the growth of our community. The addition of
more high paying positions at their headquarters will attract new
residents and investment to our community."
“The creative partnerships Bollinger Motors is forging with
companies like Our Next Energy and Mullen Automotive continue to
bring good news to Oak Park and Oakland County,” said Oakland
County Executive Dave Coulter. “New jobs and new alliances,
especially in the fast-growing electric vehicle sector, are always
welcome in Michigan and Oakland County as the region continues to
bolster its reputation as home to the mobility industry of the
future.”
“Bollinger Motors is an exciting company that chose Oakland
County and Southeast Michigan as the best location for it to grow
into a major EV innovator,” said Maureen Donohue Krauss, president
and CEO of the Detroit Regional Partnership. “We are proud to work
with Bollinger Motors as they expand their strategic footprint in
the Detroit Region and shape the emerging EV mobility
industry.”
The company anticipates deliveries of its first vehicle, the
Bollinger B4 chassis cab, to begin in July 2024 and are expected to
be eligible nationwide for a federal purchasing incentive of 30% of
the cost of the vehicle, up to a total $40,000, through the
Inflation Reduction Act of 2022.
About Bollinger MotorsFounded in 2015 by Robert
Bollinger, Bollinger Motors, Inc. is a U.S.-based company
headquartered in Oak Park, Michigan. Bollinger Motors is developing
all-electric commercial chassis cabs Classes 4-6 and all-electric
SUV consumer vehicles. In September of 2022, Bollinger Motors
became a majority owned company of Mullen Automotive, Inc. (NASDAQ:
MULN). Learn more at www.BollingerMotors.com at
www.MullenUSA.com.
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 its two United States-based assembly plants. Mullen's EV
development portfolio includes the Mullen FIVE EV Crossover,
Mullen-GO Commercial Urban Delivery EV, 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. 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 whether Bollinger will meet the anticipated date for
deliveries of the Bollinger B4 chassis cab and whether those
vehicles will qualify for the referenced 30% purchasing incentive
pursuant to the Inflation Reduction Act of 2022. 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
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