Mullen Submits ATVM Loan Opportunity to the Department of Energy (‘DOE’) for Domestic Battery Materials Processing
January 10 2024 - 8:30AM
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 pre-application to the U.S.
Department of Energy (“DOE”) Advanced Technology Vehicles
Manufacturing (“ATVM”) Loan Program to support its expansion into
domestic battery manufacturing. The ATVM is a $25 billion-dollar
direct loan program funded by Congress in fall 2008 to provide debt
capital to the U.S. automotive industry for the purpose of funding
projects that help vehicles manufactured in the U.S. meet higher
mileage requirements and lessen U.S. dependence on foreign oil.
The Mullen submission is a first step in the ATVM loan process.
The Company’s $50 million submission details its plans to produce
approximately 150,000 battery packs through calendar year 2032 to
support Mullen’s EVs, including those currently assembled in the
U.S. at the Company’s Tunica, Mississippi-based plant and requested
funding to support capital investment to be used for plant
equipment and tooling to maximize capacity at Mullen’s new
122,000-square-foot high-energy facility in Fullerton,
California.
“We are fully committed to transitioning the manufacturing of
EVs and their related components in the U.S.,” said David Michery,
CEO and chairman of Mullen Automotive. “We are grateful for the
vision of Congress and the federal government to provide resources
to support the establishment of U.S.-based battery
manufacturing.”
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 the Company’s battery pack production
objectives will be realized and whether Mullen Advanced Energy will
be successful in securing any funding from the DOE. 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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