Mullen Acquires Battery Pack Production Assets From Romeo Power
September 11 2023 - 11:00AM
via IBN -- Mullen Automotive Inc. (NASDAQ: MULN) (“Mullen” or the
“Company”), an emerging electric vehicle (“EV”) manufacturer, today
announces the purchase of battery pack production assets from Romeo
Power for approximately $3.5 million. The deal includes equipment,
inventory and intellectual property for high volume EV (electric
vehicle) battery pack and module production.
The Romeo Power assets include production lines for EV pack
assembly and precision R&D module and pack development with
associated inventory allowing for production of modules and vehicle
battery packs. Additionally the purchased assets include battery
testing and validation equipment, computer numerical control (CNC)
equipment for battery pack and module enclosure production. The
purchase also includes all furniture and fixtures.
Establishing internal capabilities for building the Company’s
own battery packs and modules reduces reliance on third-party
suppliers and lessens the risk associated with supply chain and
component shortages. The Romeo assets will be transferred to
Mullen’s high-voltage facility in Monrovia, California, enabling
the Company to integrate the assets into its existing facility at a
lower cost while enhancing the existing battery pack production
capablitlies.
“Purchasing the Romeo assets is consistent with our battery pack
production path and previous announcements for our high voltage
facility in Monrovia. Overall, this purchase further enhances our
capabalities for battery pack production right here in California
and the U.S.,” 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
its two United States-based assembly plants. Mullen's EV
development portfolio includes the Mullen FIVE EV Crossover, Mullen
I-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 the purchase of battery pack production
assets will achieve the Company’s battery pack production
objectives, lessen reliance on third-party suppliers or prove
successful to the Company. 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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