Chairman’s Shareholder News
CEO and Chairman David Michery said on various efforts and Company initiatives, “We continue to make solid progress across our commercial vehicle programs. We are also actively pursuing M&A discussions with other EV companies to increase our vehicle portfolio and market opportunity. Additionally, we have obtained significant funding commitments of more than $250 million to further our continued progress and future.”
Battery Technology Update
- Mullen has made significant strides towards the integration of solid-state polymer battery packs into commercial Class 1 vehicles. The Company has identified lead suppliers for development and components and issued initial purchase orders to support this pivotal program.
- Mullen’s Class 1 EV cargo van with solid-state polymer pack with significant improvement to range will be fully certified for production and sale in second half of 2025.
- To date, solid-state battery packs have been integrated into the Mullen ONE cargo van for testing purposes, enhancing its vehicle range to over 200 miles. This marks a significant advancement in the Company’s commitment to delivering efficient and sustainable mobility solutions.
- In conjunction with the solid-state battery vehicle integration, Mullen will introduce a new POWER BOOST battery exchange program. This program will offer our customers the opportunity to upgrade to the solid-state pack, providing enhanced range benefits through a seamless battery trade-in program.
- The Company is in the process of purchasing additional manufacturing equipment assets and technology from a leading battery technology provider to build both low voltage and high voltage LFP.
- Mullen is working with a leading battery technology provider to build prototype sodium ion batteries to install and test in commercial vehicles. Utilization of this technology will reduce the Company’s dependency on foreign made components. Pack completion is expected Q2 2025 with testing and validation to begin thereafter.
- The Company has recently announced the development of a new PowerUP mobile DC fast charging truck to be integrated on the all-electric Mullen THREE, Class 3 cab chassis truck. The new design will provide multiple scaling options to meet various market needs, ranging from 10kW to 1MW with targeted completion in Q4 2024. The new PowerUP features Level 3 DC fast charging, off-grid AC power, and micro-grid connectivity, making it suitable for multiple applications. A significant advantage of the battery powered vehicle is quiet operation with minimal noise pollution, unlike traditional fossil fuel powered generators. This benefit makes it ideal for use in noise-sensitive environments like urban centers, hospitals, parking garages, campuses and even residential areas.
Mullen Class 1 and 3 Commercial Vehicles
Mullen has been actively engaging with potential customers through pilot programs and ride-and-drive events. These events are aimed at allowing potential customers to experience the vehicles firsthand, which is a crucial gateway in influencing buying decisions.
The Company’s current fleet customer pipeline includes Yale University, Princeton University, UCLA, Enterprise Fleet Services, DB Schenker and Mobile Road Service Solutions, a AAA provider.
Recent ride-and-drive activity includes Fleet Forward: Port of LA, Home Delivery World, ACT Expo, Government Fleet Expo, NAFA Institute & Expo and NTEA Work Truck Week.
In additional to its U.S. activities, Mullen is preparing significant pilot programs in Europe and Canada and is actively deploying Class 1 and Class 3 EVs to Europe. The Company is also planning to deploy vehicles to Canada with key prospective partners including a major telecom company, which has already tested vehicle telematics with Mullen. Overall, the Company is actively focused on establishing the brand in new markets.
Bollinger Motors Sales to Momentum
Bollinger Motors, Inc., an electric commercial vehicle (“EV”) manufacturer, announced it has reached an agreement to sell 80 all-electric Class 4 commercial trucks to Momentum, a leader in fleet management and EV charging solutions.
Momentum Groups can upfit the Bollinger B4 Chassis Cab with mobile EV chargers, a box truck, flatbed, service body or stake truck. Momentum Groups’ strength is in their full-service national fleet program, and mobile or permanent charging infrastructure for Electric Vehicles (EV’s).
Momentum will take possession of the vehicles after Bollinger Motors launches production in the second half of 2024.
“Momentum is a leader and innovator in mobile charging solutions and has a shared commitment to using electric vehicles as part of a fleet management solution to help companies reduce emissions and save money,” said Robert Bollinger, founder and CEO of Bollinger Motors. “We are excited that the Bollinger B4 will be the Class 4 platform that helps Momentum deliver a mobile-charging solution.”
“We are delighted to work with Bollinger Motors and its innovative B4 Chassis Cab, as the company shares our commitment to reducing greenhouse emissions, and improving the world around us,” said Jack Pyros, president of Momentum. “We look forward to introducing the Bollinger B4 mobile charging vehicles to our fleet customers, ultimately helping them create operational efficiency in an environmentally friendly way.”
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, Mich. to supply battery packs; Roush Industries in Livonia, Mich. 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 MOMENTUM
The Momentum family of companies founded over 20 years ago is backed by industry-leading expertise. The company services client needs from vehicle ordering to financing options for purchase, lease, or rent. Its comprehensive services include maintenance management, fuel, and cutting-edge EV charging solutions, alongside mobile EV charging and fleet vehicle remarketing.
Mass Approval
The Massachusetts Executive Office of Energy and Environmental Affairs’ Department of Energy Resources (“DOER”) has approved Mullen’s all-electric Class 3 low cab forward truck, the 2024 Mullen THREE, for up to a $15,000 state cash rebate voucher.
Managed by the Executive Office of Energy and Environmental Affairs’ Department of Energy Resources and administered statewide by the Center for Sustainable Energy (CSE),the MOR-EV program is dedicated to making electric vehicles more affordable for Massachusetts residents, businesses and non-profit organizations to help achieve clean transportation goals, reduce greenhouse gas emissions and provide more equitable access to EVs. The MOR-EV Trucks program incentivizes purchases and leases of a variety of medium- and heavy-duty battery electric and fuel cell electric trucks, buses and vans. Rebates apply to both individual and fleet acquisitions.
Under MOR-EV, the 2024 Mullen THREE EV truck, with a suggested MSRP of $68,500, now qualifies for up to a $15,000 cash rebate voucher. When combined with the available $7,500 federal tax credit, the net effective price of the Mullen THREE would be approximately $46,000. A copy of Mullen’s Class 3 MOR-EV approval can be found here.
“Massachusetts’ $15,000 MOR-EV cash voucher on our 2024 Mullen THREE is another example of a great state-level incentive making our Class 3 electric truck even more affordable to meet cost of ownership requirements for fleet customers of all sizes,” said David Michery, CEO and chairman of Mullen Automotive.
Mullen recently announced that it is now in receipt of CARB approval for both 2024 and 2025 Class 3 model years. Mullen’s Class 1 and Class 3 commercial vehicles are both in receipt of Environmental Protection Agency (“EPA”) and CARB certifications and in full compliance with U.S. Federal Motor Vehicle Safety Standards. The Company also recently announced it has received the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Program (HVIP) approval on the Mullen THREE, qualifying for up to a $45,000 cash rebate voucher at time of vehicle purchase.
The all-electric Mullen THREE is a Class 3 low cab forward EV truck featuring a robust payload, a 125-mile range and is purpose-built to meet the demands of urban last-mile delivery. The Mullen THREE chassis has a clean, top-of-rail design to support a variety of upfits for vocational needs, to last mile delivery, construction, landscaping, catering and more. The Mullen THREE is available for purchase in Massachusetts through its recently announced New England area EV dealer, Eco Auto, based north of Boston in Tewksbury.
Mullen a Eco Boston
Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announcedthe addition of zero-emissions commercial vehicle dealership, Eco Auto, a Boston, Massachusetts, area dedicated EV dealer. As Mullen’s newest franchise dealer, Eco Auto will cover national fleet opportunities for the Company’s full line of commercial electric vehicles with particular focus on the regional New England area. Eco Auto’s initial vehicle order includes 10 Mullen ONE, Class 1 EV cargo vans, and 3 Mullen THREE, Class 3 EV cab forward EV trucks.
Headquartered in Tewksbury, Massachusetts, Eco Auto is a national franchise of automotive dealerships with a core focus of making EVs accessible to all. Eco Auto offers a comprehensive electric vehicle experience for customers by providing affordable EVs, hybrid models, advanced charging stations, and expert EV service in state-of-the-art facilities.
“We at Eco Auto are focused on lowering the barriers to entry to sustainable transportation for all and now through our partnership with Mullen that includes municipalities and businesses that want to have a positive impact on the environment and in their local communities,” said Al Salas, president of Eco Auto.
“The New England area is a key Northeast hub for commercial fleet companies and one we are excited to enter,” said David Michery, CEO and chairman of Mullen Automotive. “Eco Auto brings a wealth of frontline retail experience, a strong dedication to EVs, and is a great partner for us to align with.”
The addition of Eco Auto demonstrates Mullen’s ongoing commitment to expanding its commercial EV sales network across the United States. With this new partnership, Mullen now has five new dealers added in recent months, solidifying its national presence and offering businesses across the country access to its innovative commercial electric vehicles.
Mullen’s commercial EV lineup includes the Mullen ONE, Class 1 EV cargo van, and Mullen THREE, Class 3 EV cab chassis truck, purpose-built to meet the demands of urban last-mile delivery. Both vehicles are available for sale and in full compliance with U.S. Federal Motor Vehicle Safety Standards, EPA and CARB certifications. The Mullen THREE is approved for the California HVIP program which offers a $45,000 cash incentive. When combined with the available $7,500 federal tax credit, the net effective cost of the Mullen THREE could be less than $17,000.
About Eco Auto
Headquartered in Tewksbury, Massachusetts, we are a national franchise of dealerships with a core focus of making EVs accessible to all. We go beyond traditional dealerships. At Eco Auto, we provide affordable EVs, hybrid models, advanced charging stations, and expert service in state-of-the-art facilities tailored for a seamless EV experience. Explore our offerings and stay informed on the latest models, incentives and franchise opportunities at www.myecoauto.com.
European PO for 40 Mullen-Go
Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today a new European purchase order (“PO”) for 40 Mullen-GO urban delivery vehicles with Switzerland-based Antidoto SA, a commercial upfitter whose key focus is on-demand food delivery companies. The initial PO is valued at $440,000 USD.
Antidoto SA specializes in the design and sale of pizza ovens for delivery vehicles and installs warming ovens in various types of vehicles. The company currently produces around 500 ovens per year, which are integrated and sold with a specific vehicle. Antidoto SA will initially order 40 Mullen-GO vehicles for 2024 and projects a minimum order of 180 units for 2025 to meet anticipated growing demand for zero emission EVs. The vehicles will initially be deployed in Switzerland with planned expansion into other parts of Europe.
“We strongly believe that a collaboration with Mullen could not only meet our current needs, but also boost our production capacity by offering an electric vehicle to our customers,” said Milijana Miletic, Director of Antidoto SA.
“As part of our global expansion, we are looking at all segments of urban delivery opportunities, including hot and cold on-demand delivery, which is perfectly suited for the Mullen-GO,” said David Michery, CEO and chairman of Mullen Automotive.
The Mullen-GO is the Company’s urban commercial electric delivery vehicle, which is designed to bridge the gap between the growing demand for quick deliveries and space constraints in dense cities throughout Europe. The commercial EV’s compact design allows it to easily handle the stop/go and weave in/out typical of narrow urban European streets, getting to the customer’s door faster, all while decreasing pollution and congestion levels. The Mullen-GO is EU standard homologated, certified, and ready for European sale.