Company plans to produce an estimated 150,000 battery packs through 2032
Program to provide $3.5 billion to strengthen US battery material manufacturing (DE-FOA-0003099)
BREA, Calif., Jan. 08, 2024 (GLOBE NEWSWIRE) -- 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 Concept Paper in response to the U.S. Department of Energy (“DOE”) Funding Opportunity for Battery Materials. Established on Nov. 13, 2023, via the current administration, the program announces up to $3.5 billion from the Bipartisan Infrastructure Law to boost domestic production of advanced batteries and battery materials nationwide. The program is designed to provide grants for battery materials processing to ensure that the United States has a viable battery materials processing industry.
Mullen’s Concept Paper submission details the Company’s plan to produce approximately 150,000 battery packs domestically through calendar year 2032 to support Mullen’s EVs, currently assembled in the U.S. at the Company’s Tunica, Mississippi-based plant. The plan projects to reduce current battery costs by over 20%. As the single largest material cost, those savings will make a significant contribution to Mullen’s competitiveness.
The Concept Paper seeks a $50 million DOE grant to support capital investment to be used for plant equipment and tooling to maximize capacity for manufacturing battery modules and packs for electric vehicles, industrial, energy storage and consumer applications at Mullen’s new 122,000-square-foot high-energy facility in Fullerton, California.
On Nov. 13, 2023, Mullen announced its new high-energy facility in Fullerton, with focus on EV battery pack development and production. This new Southern California facility is dedicated to producing next-generation American-made EV battery packs, a critical component to the Company’s commitment to zero emissions.
“We are all in on supporting battery manufacturing here in the U.S., starting right here in our own high-energy facility in Fullerton, California,” said David Michery, CEO and chairman of Mullen Automotive.
Mullen’s Concept Paper is the first step before the Company submits its formalized application for the DOE funding opportunity. Mullen’s formal submission is expected to take place on or before March 19, 2024.
About Mullen
Mullen 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 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 and are difficult to predict. Examples of such risks and uncertainties include but are not limited to whether Mullen’s Concept Paper submission will be favorably viewed, the timing and outcome of any formal submission by the Company to DOE, whether the Company will be awarded the $50M or any other DOE grant to support its battery manufacturing initiatives and whether the Company will achieve its estimated production volume, timing, cost saving or other battery pack production objectives. 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) 613-1900
www.MullenUSA.com
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