Mullen Submits Grant Funding Opportunity to DOE for Domestic Battery Materials Processing
January 08 2024 - 9:45AM
via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the
“Company”), an emerging electric vehicle (“EV”) manufacturer, today
announces its subsidiary Mullen Advanced Energy, LLC (“Mullen
Advanced Energy”) submitted a Concept Paper in response to the U.S.
Department of Energy (“DOE”) Funding Opportunity for Battery
Materials. Established on Nov. 13, 2023, via the current
administration, the program announces up to $3.5 billion from the
Bipartisan Infrastructure Law to boost domestic production of
advanced batteries and battery materials nationwide. The program is
designed to provide grants for battery materials processing to
ensure that the United States has a viable battery materials
processing industry.
Mullen’s Concept Paper submission details the Company’s plan to
produce approximately 150,000 battery packs domestically through
calendar year 2032 to support Mullen’s EVs, currently assembled in
the U.S. at the Company’s Tunica, Mississippi-based plant. The plan
projects to reduce current battery costs by over 20%. As the single
largest material cost, those savings will make a significant
contribution to Mullen’s competitiveness.
The Concept Paper seeks a $50 million DOE grant to support
capital investment to be used for plant equipment and tooling to
maximize capacity for manufacturing battery modules and packs for
electric vehicles, industrial, energy storage and consumer
applications at Mullen’s new 122,000-square-foot high-energy
facility in Fullerton, California.
On Nov. 13, 2023, Mullen announced its new high-energy facility
in Fullerton, with focus on EV battery pack development and
production. This new Southern California facility is dedicated to
producing next-generation American-made EV battery packs, a
critical component to the Company’s commitment to zero
emissions.
“We are all in on supporting battery manufacturing here in the
U.S., starting right here in our own high-energy facility in
Fullerton, California,” said David Michery, CEO and chairman of
Mullen Automotive.
Mullen’s Concept Paper is the first step before the Company
submits its formalized application for the DOE funding opportunity.
Mullen’s formal submission is expected to take place on or before
March 19, 2024.
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 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 Mullen’s Concept Paper submission will be
favorably viewed, the timing and outcome of any formal submission
by the Company to DOE, whether the Company will be awarded the $50M
or any other DOE grant to support its battery manufacturing
initiatives and whether the Company will achieve its estimated
production volume, timing, cost saving or other battery pack
production objectives. 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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