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through InvestorWire — Mullen Automotive, Inc.. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces its acquisition of a majority stake in electric truck innovator Bollinger Motors. This is Mullen’s first EV acquisition and propels the company into the 3-6 medium truck categories, as well as the B1 and B2 sport utility trucks. The purchase price is $148.2 million in cash and stock for a 60% controlling interest, giving Mullen majority ownership of Bollinger Motors, Inc. and positioning Bollinger to capture commercial vehicle markets electric sports and utility vehicles. On Thursday, September 8 at 2 p.m. EDT, Mullen Automotive and Bollinger Motors will host a live youtube webinar presentation of the two companies.
“This acquisition is one of the largest in the electric vehicle industry to date and provides Mullen with the unique opportunity to aggressively expand into the high-demand commercial electric vehicle space. by major customers for all high volume segments like delivery, telecom, municipal and utilities is a clear indication of market desire for Bollinger vehicles,” said David Michery, CEO and President of Mullen “Combining Bollinger’s vehicles with our existing Class 1 and Class 2 utility van programs gives us the opportunity to dominate the entire Class 1 through 6 light and medium commercial truck segments. will be able to take advantage of Mullen’s solid-state battery technology, making its current vehicles even more competitive as our technology develops. will be launched across Mullen’s and Bollinger’s electric vehicle portfolio.
Launched in 2015, Bollinger Engines is an American designer and manufacturer of automobiles of electric sport utility vehicle and mid-size vehicle lines. The company has also successfully developed proprietary vehicle batteries, transmissions, and thermal and vehicle control software units. In 2017, Bollinger built and launched the critically acclaimed B1 Class 3 sport utility vehicle, the first of its kind. The company continued its initial success with the development of the second-generation B1 and B2 vehicles, before pausing in favor of developing commercial trucks. With years of experience in the development of Class 3 trucks, intellectual property, patents and expertise, the company’s decision made sense to focus on the development of commercial vehicles for Classes 3-6. As part of the acquisition, the company brings to Mullen nearly 50,000 reservations previously taken for the B1 and B2 sport utility vehicles. With the acquisition and capital injection of Mullen, the B1 and B2 programs will begin after the start of production of the Class 3-6 commercial truck programs. A video presentation of the history of Bollinger is available here.
The company brings a significant pipeline of interest from large companies in commercial electric truck classes 3 to 6 in a wide range of markets such as last mile delivery, refrigeration, utilities and their fit-outs. On September 1, 2022, Bollinger first unveiled the B4, a Class 4 electric commercial truck. The B4 Electric Chassis Cabs will be the first in the company’s commercial lineup to launch in upcoming customer test programs. . The new Bollinger B4 incorporates years of feedback from dozens of large fleets looking to electrify their vehicles. The result is a cabover truck, designed from the ground up to offer maximum cargo volume, allow unlimited adaptation and prioritize safety. Bollinger will be testing the B4 Chassis Cab trucks this fall with numerous fleet customers, installers and charging companies to gather constructive feedback. More details on Bollinger’s B4 announcement can be found here.
“We’re proud to design our commercial electric vehicles from the ground up here in America, delivering greater efficiency, lower total cost of ownership, and greater cargo volume. Our dream is to build the best trucks and SUVs in the world,” said Robert Bollinger, Founder and CEO of Bollinger Motors. “Mullen shares a similar dream to build the best electric cars and trucks. This partnership will bring us closer to realizing those visions as it allows us to scale production on our end and bring Mullen’s electric vehicle programs to market faster. .
“We have carefully considered this space and raised capital in advance, which has allowed us to take advantage of opportunities that arise,” added Michery. “We believe Bollinger Motors is a perfect example of smart investment in a known company and brand.”
“I’m really impressed with what Robert Bollinger has created for the utility vehicle space and the off-road capable B1 and B2 sport utility vehicles,” Michery continued. “Bollinger is a truly innovative, generational company, and we believe it has the potential to disrupt the industry, much like the Hummer H1 did over 30 years ago. Bollinger is a transformative acquisition and a paradigm shift for the electric vehicle industry.”
Mullen Automotive and Bollinger Motors will host a live webinar on Thursday, September 8 at 2:00 p.m. EDT, featuring the two companies. You will find details on the YouTube event here.