Deal value estimated at $8,250,000
Partnership creates innovative mobile charging solution for electric vehicle fleet owners
BREA, Calif., May 22, 2024– via InvestorWire – Mullen Automotive, Inc. (NASDAQ: MULN) ("Mullen" or the "Company"), an emerging electric vehicle ("EV") manufacturer, announces today Bollinger Motors ("Bollinger") has reached an agreement to sell 50 vehicles to EnviroCharge, a provider of convenient and flexible charging solutions for an estimated deal value of $8,250,000 for electric vehicle owners.
EnviroCharge will install its mobile clean-propane-powered charging system on the Bollinger B4 chassis cab, an all-new, all-electric Class 4 commercial truck. By combining the charging unit with the Bollinger B4, EnviroCharge will provide a convenient mobile unit allowing electric vehicle owners to quickly and easily charge EVs anytime, anywhere.
EnviroCharge will take possession of the vehicles after Bollinger Motors launches production in the second half of 2024.
"EnviroCharge shares our commitment and vision to transform the transportation industry," said Robert Bollinger, founder and CEO of Bollinger Motors. "Innovative electric trucks and charging solutions mean fleets can switch today to save money, reduce emissions and get the job done."
EnviroCharge will re-sell the newly upfitted vehicles to fleet owners in states with voucher incentive programs. In addition, the vehicles will be eligible for the $40,000 Inflation Reduction Act federal tax credit.
"This is a big step forward for EnviroCharge customers, as it provides a clean-fuel EV charging solution on a zero-emission vehicle," said Charlie Stockton, CEO of EnviroCharge. "This will create a convenient charging solution providing fleet owners with invaluable peace of mind."
Today's announcement follows a series of Bollinger Motors announcements in recent months, including: the addition of Nacarato Truck Centers, Nuss Truck & Equipment and LaFontaine Auto Group as dealers and service centers; Our Next Energy in Novi, Michigan, to supply battery packs; Roush Industries in Livonia, Michigan, to manage vehicle assembly operations; Syncron as its warranty administration partner; and Amerit Fleet Solutions as its mobile service provider.
Also, Bollinger Motors recently qualified for federal clean-vehicle purchasing incentives under the Inflation Reduction Act, which provides $40,000 in refundable tax credits per truck.
About EnviroCharge
EnviroCharge, a Service-Disabled Veteran-Owned Charge Point Operating Company ("CPO"), believes that the future of clean transportation begins with a passionate team with the vision to drive transformative technologies using renewable fuels such as hydrogen, renewable propane + DME, renewable natural gas, biodiesel, and renewable diesel. The company offers cost-effective power generation and EV charging solutions that enhance energy resilience while ensuring energy equity.
About Bollinger Motors
Founded 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 cab trucks, Classes 4-6. In September of 2022, Bollinger Motors became a majority owned company of Mullen Automotive, Inc. (NASDAQ: MULN).
Learn more at www.BollingerMotors.com and www.MullenUSA.com.
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles ("EVs") with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board ("CARB") and EPA certified and available for sale in the U.S.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain 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 or Bollinger Motors and are difficult to predict. Examples of such risks and uncertainties include: (a) Bollinger Motors' ability to finalize its sales agreement with EnviroCharge and deliver purchased vehicles on schedule; (b) the total realized value to the company from the purchase order; (c) whether Bollinger Motors will meet its anticipated production launch timelines; (d) Bollinger Motors' continued partnership with Nacarato Truck Centers, Nuss Truck & Equipment and LaFontaine Automotive Group; (e) Bollinger Motors' continued partnership with Our Next Energy as a battery supplier; (f) Bollinger Motors' continued partnership with Roush Industries as a contract manufacturer; (g) Bollinger Motors' continued relationship with Syncron as its warranty administration provider; (h) Bollinger Motors' continued relationship with Amerit Fleet Solutions as its mobile service provider and (i) the continued availability and support for federal commercial vehicle purchasing incentives under the Inflation Reduction Act of 2022. Additional examples of such risks and uncertainties include but are not limited to: (i) Bollinger Motors' ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Bollinger Motors' ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Bollinger Motors' ability to successfully expand in existing markets and enter new markets; (iv) Bollinger Motors' ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Bollinger Motors' business; (viii) changes in government licensing and regulation that may adversely affect Bollinger Motors' business; (ix) the risk that changes in consumer behavior could adversely affect Bollinger Motors' business; (x) Bollinger Motors' ability to protect its intellectual property; (xi) the vehicles developed will perform as expected and (xii) 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 Automotive, Inc., of which Bollinger Motors is a partially owned subsidiary, with the Securities and Exchange Commission. Bollinger Motors anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Bollinger Motors 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 Bollinger Motors' plans and expectations as of any subsequent date.
Source: Bollinger Motors
Media Contacts:
Mullen Automotive, Inc.
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www.MullenUSA.com