Mullen Automotive Announces Bollinger Motors Receives $3 Million Jobs Creation Grant from State of Michigan

Rhea-AI Summary

Bollinger Motors receives final approval for a $3 million grant from the state of Michigan to promote job creation. The grant funds will be distributed as the company reaches job creation milestones over the next five years. The award also includes access to $2 million in talent services and training support. Bollinger Motors has formed partnerships with Our Next Energy and Roush Industries to supply batteries, components, and manage vehicle assembly operations. Deliveries of the Bollinger B4 chassis cab are expected to begin in July 2024.

Positive

• Bollinger Motors receives a $3 million grant for job creation, which will support the company's growth and expansion.
• Partnerships with Our Next Energy and Roush Industries will ensure a steady supply of batteries, components, and efficient vehicle assembly operations.
• Deliveries of the Bollinger B4 chassis cab are set to start in July 2024.
• The company's first vehicle is expected to be eligible for a federal purchasing incentive of up to $40,000.

Negative

• None.

BREA, Calif., July 26, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today that Bollinger Motors (“Bollinger”) received final approval from the state of Michigan for a $3 million grant aimed at promoting job creation in the state. In a unanimous decision, the Michigan Strategic Fund Board approved the incentive through the Michigan Business Development Program.

“Bollinger Motors is poised for growth and we’re proud to be focused on expanding our company’s operations as we approach start-of-production,” said Robert Bollinger, founder and CEO of Bollinger Motors. “I appreciate Michigan’s faith in our plan and our product as we seek to electrify America’s fleets.”

The grant funds will be distributed to the company as they reach job creation milestones over the next five years. The award also includes access to an estimated $2 million in talent services and training support through Oakland County Michigan Works!

“Congratulations to the entire Bollinger Motors team on your continued growth and success! We are thrilled to begin this next chapter of Team Michigan’s partnership with Bollinger as we continue to position Michigan as the undisputed leader in vehicle electrification and future mobility,” said Quentin L. Messer, Jr., CEO of the Michigan Economic Development Corporation and president and chair of the Michigan Strategic Fund. “This project is a win for Southeast Michigan and the entire state. We are grateful to Governor Whitmer, legislators from both parties, and local officials for their continued support for our programs that help make announcements like this possible. We’re proud to join our partners as we celebrate Bollinger’s expansion and will continue to earn investments like this one, invest in places and support our people as we encourage businesses of all sizes to Make It In Michigan.”

“I applaud the Michigan Strategic Fund’s approval of a job creation grant for Bollinger Motors,” said State Representative Natalie Price (D-5^th District). “Not only will this grant help create hundreds of jobs in Oak Park, but it will continue to spur innovation in the electric vehicle market, leading us all towards a clean energy future.”

Today’s award followed a series of announcements in recent months illustrating the company’s commitment to the region, including partnerships with Our Next Energy in Troy, Michigan, to supply the company with batteries and related components and Roush Industries in Livonia, Michigan, to manage vehicle assembly operations.

“Michigan is our home, and we look forward to the future with our ongoing partnerships and support from Oak Park, Oakland County, and the state of Michigan. They all play a large role in our continued success and growth,” said Jason Puscas, general counsel for Bollinger Motors.

"On behalf of the City of Oak Park we are proud to support this expansion project and thrilled the Bollinger Motors headquarters will remain in Oak Park,” said Erik Tungate, city manager of Oak Park. “Bollinger Motors moved to Oak Park in 2020 and has been an impactful addition to the growth of our community. The addition of more high paying positions at their headquarters will attract new residents and investment to our community."

“The creative partnerships Bollinger Motors is forging with companies like Our Next Energy and Mullen Automotive continue to bring good news to Oak Park and Oakland County,” said Oakland County Executive Dave Coulter. “New jobs and new alliances, especially in the fast-growing electric vehicle sector, are always welcome in Michigan and Oakland County as the region continues to bolster its reputation as home to the mobility industry of the future.”

“Bollinger Motors is an exciting company that chose Oakland County and Southeast Michigan as the best location for it to grow into a major EV innovator,” said Maureen Donohue Krauss, president and CEO of the Detroit Regional Partnership. “We are proud to work with Bollinger Motors as they expand their strategic footprint in the Detroit Region and shape the emerging EV mobility industry.”

The company anticipates deliveries of its first vehicle, the Bollinger B4 chassis cab, to begin in July 2024 and are expected to be eligible nationwide for a federal purchasing incentive of 30% of the cost of the vehicle, up to a total $40,000, through the Inflation Reduction Act of 2022.

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 cabs Classes 4-6 and all-electric SUV consumer vehicles. In September of 2022, Bollinger Motors became a majority owned company of Mullen Automotive, Inc. (NASDAQ: MULN). Learn more at www.BollingerMotors.com at www.MullenUSA.com.

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 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.

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 Bollinger will meet the anticipated date for deliveries of the Bollinger B4 chassis cab and whether those vehicles will qualify for the referenced 30% purchasing incentive pursuant to the Inflation Reduction Act of 2022. 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

Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com

FAQ

What grant did Bollinger Motors receive?

Bollinger Motors received a $3 million grant from the state of Michigan.

What are the partnerships formed by Bollinger Motors?

Bollinger Motors has formed partnerships with Our Next Energy and Roush Industries.

When will deliveries of the Bollinger B4 chassis cab begin?

Deliveries of the Bollinger B4 chassis cab are expected to begin in July 2024.

What federal purchasing incentive is the company's first vehicle eligible for?

The company's first vehicle is expected to be eligible for a federal purchasing incentive of up to $40,000.