Mullen Automotive Files U.S. Department of Energy ATVM Loan Application for Mullen ONE EV Cargo Van Program
Mullen Automotive has filed its ATVM loan application for the Mullen ONE EV Cargo Van Program with the U.S. Department of Energy, marking a significant milestone in its electric vehicle (EV) initiative. Submitted on April 29, 2022, the funds will support high-volume production at its Mississippi facility. The Mullen ONE EV is positioned to compete in the Class 1 light commercial van market. The ATVM Loan Program, established to promote U.S. manufacturing of light-duty vehicles, has seen over $8 billion in loans issued since its inception.
- Mullen filed its ATVM loan application, aiming to accelerate EV Cargo Van production.
- The Mullen ONE EV is set to be one of the first electric commercial vehicles in its class.
- Approval of the ATVM loan application is uncertain and could impact funding.
- Risks include competitive pressure and the ability to retain key personnel.
On April 29, 2022, Mullen filed its ATVM loan application for the Mullen ONE EV Cargo Van Program. Funds will be used to accelerate high volume EV Cargo Van production at Mullen’s manufacturing (AMEC) facility outside Tunica, Mississippi.
BREA, Calif., May 02, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces the filing of its ATVM loan application for the Mullen ONE EV Cargo Van Program with the U.S. Department of Energy. The application was filed on April 29, 2022.
Mullen submitted its prequalification on April 25, 2022, and was invited by the Department of Energy to formally submit its loan application on April 29, 2022. Mullen submitted the loan application on April 29 at approximately 1:55 p.m. Pacific time.
“We are proud to announce the submission of our ATVM loan application for the Mullen ONE EV Cargo van program,” said David Michery, CEO and chairman of Mullen Automotive. “We began our ATVM loan journey in 2019, and the DOE has been following our progress since then. I want to thank the entire Mullen Automotive team for working diligently on this submission. I also want to thank the DOE for their continued support of our initiative to put Americans back to work. This is a huge milestone for us, with many more to follow.”
The Mullen ONE EV is a Class 1 light commercial cargo van rated under 6,000 pounds GVRW and will be one of the first electric commercial vehicle offerings in this category. Market leaders in the Class 1 light commercial van category include the Ford Transit Connect and Ram Promaster City Cargo Van. Find out more about Mullen’s EV Cargo Vans at Mullenusa.com.
The ATVM Loan Program was authorized by the Energy Independence and Security Act of 2007 to support the manufacturing of eligible light-duty vehicles and qualifying components in the United States. Since the start of the program, the Department of Energy has closed on more than
About Mullen
Mullen is a Southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the Company is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer’s life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership.
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 the ATVM loan application will be approved, whether there will be continued interest in the Mullen Automotive stock by retail investors; whether the Company will achieve its objectives of launching its EV crossover, the FIVE, within anticipated timelines and, if so, if the FIVE will be a success; and whether the Company’s partnerships with ARRK, Dürr, and DSA Systems and Over the Air (OTA) will result in expediting the rollout of the FIVE. Additional examples of such risks and uncertainties include, but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; and (x) Mullen’s ability to protect its intellectual property; (xi) 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 Company’s 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
Wire Service Contact:
InvestorWire (IW)
Los Angeles, California
www.InvestorWire.com
212.418.1217 Office
Editor@InvestorWire.com
FAQ
What is Mullen's ATVM loan application for?
When was Mullen's ATVM loan application submitted?
What is the Mullen ONE EV?
How does the ATVM Loan Program benefit Mullen?
