Testing and installation planned for completion on a total of 40 vehicles over the next few weeks
BREA, Calif., May 15, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today issues an update on the pilot program contract for installation of Energy Management Modules (“EMM”) on Washington, D.C., city government’s fleet of vehicles.
The $680,000 contract was previously awarded by the District of Columbia, Washington, D.C., to EV Technologies, LLC. for the purchase and installation of EMM units on Chevrolet Bolts within the D.C. city government’s vehicle fleet. Mullen Advanced Energy Operations (“MAEO”) is supporting EV Technologies for the execution of the contract, which started April 24, 2023. MAEO, which is a 51%-owned subsidiary of Mullen Automotive, is a collaboration with Global EV Technology, Inc. (“Global”).
MAEO has named Lawrence Hardge to the position of senior vice president of technology. Lawrence will be overseeing all technological aspects of the Energy Management Module ("EMM") applications.
“We look forward to completing our installation work here in D.C. and the next steps as vehicles enter the fleet with our EMM and also future opportunities with the local and federal government agencies," said Lawrence Hardge, CEO of EV Technologies, LLC.
“As testing and installations continue in D.C., we will provide further updates,” said David Michery, CEO and chairman of Mullen Automotive.
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in two Company-owned United States-based assembly plants. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover, Mullen Commercial Class 1 and 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 all 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.
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 and are difficult to predict. Examples of such risks and uncertainties include but are not limited to: (i) the timing of the commencement or completion of the different phases of the installation and testing of the Energy Management Module (“EMM”) units, including whether the testing and installation on 40 vehicles will occur over the next few weeks, and whether the installation of the EMM units on the D.C. city government’s Chevrolet Bolt vehicle fleet will be successfully implemented; whether the contract awarded by the District of Columbia, Washington, D.C., to EV Technologies, LLC will be assigned to MAEO as contemplated by the agreement between Mullen and EV Technologies; whether the terms of the city government contract will be honored by the contracting parties; whether the pilot program with the District of Columbia, Washington, D.C., will be successful or result in additional orders or contracts; whether any other purchase orders or agreements for the EMM technology will materialize; whether the test results, which indicate that applying Energy Management Module (“EMM”) technology to an electrical vehicle significantly increases vehicle range, are accurate; whether the results achieved from the initial testing by Element and Mullen are sustainable, scalable or will produce the expected results when deployed in the city government’s fleet of Chevrolet Bolts, the Company’s or other vehicles; whether any expected vehicle range increases can be achieved at a low cost; whether the Company’s recently acquired joint venture technology will greatly improve current EV performance by increasing EV vehicle range or otherwise; and whether the projected increases in range and mileage are accurate or achievable; (ii) whether the EMM product will be successfully completed or integrated into the city government’s fleet of Chevrolet Bolts or any other vehicles; and whether the EEM product and associated technology will prove beneficial; (iii) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (iv) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (v) Mullen’s ability to successfully expand in existing markets and enter new markets; (vi) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (vii) unanticipated operating costs, transaction costs and actual or contingent liabilities; (viii) the ability to attract and retain qualified employees and key personnel; (ix) adverse effects of increased competition on Mullen’s business; (x) changes in government licensing and regulation that may adversely affect Mullen’s business; (xi) the risk that changes in consumer behavior could adversely affect Mullen’s business; (xii) Mullen’s ability to protect its intellectual property; and (xiii) 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 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.
Mullen Automotive, Inc.
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