Mullen Subsidiary, Bollinger Motors, Agrees to Partnership with Texas Consulting & Development

Rhea-AI Summary

Mullen Automotive's subsidiary, Bollinger Motors, has partnered with Texas Consulting & Development (TCD) to supply Bollinger B4 Class 4 trucks for TCD's new bundled service offering. This partnership aims to enhance TCD's Vehicle-to-Grid (V2G) and Vehicle-to-Building (V2B) technology offerings, while expanding Bollinger's market presence in commercial, industrial, telecom, and utility sectors.

The collaboration aligns with both companies' goals of leveraging electrification to improve operational efficiency and reduce carbon footprints. Bollinger Motors has recently achieved several milestones, including starting production of the B4, providing full warranty coverage, and receiving EPA certification. The B4 chassis cab also qualifies for a $40,000 federal tax credit under the Inflation Reduction Act.

Positive

• Partnership with TCD expands Bollinger Motors' market reach in commercial, industrial, telecom, and utility sectors
• Bollinger B4 Class 4 trucks qualify for $40,000 federal tax credit under the Inflation Reduction Act
• Recent milestones include start of B4 production, full warranty coverage, and EPA certification
• Multiple vehicle sales agreements secured with various fleet management companies

Negative

• None.

Market Research Analyst

This partnership between Bollinger Motors and Texas Consulting & Development (TCD) is a strategic move that could potentially boost Mullen Automotive's market position. The agreement to supply Bollinger B4 Class 4 trucks for TCD's new bundled service offering is mildly positive for Mullen, as it opens up new avenues for market penetration in the commercial, industrial, telecom and utility sectors.

However, the impact on Mullen's stock may be in the short term. While the partnership showcases growing interest in Bollinger's electric trucks, it doesn't provide specific financial details or order quantities. The long-term potential lies in the synergy between Bollinger's vehicles and TCD's V2G and V2B technology offerings, which could lead to increased adoption of Mullen's EV solutions.

Investors should note that this news follows a series of positive developments for Bollinger, including production start, warranty coverage and several vehicle sales. The $40,000 federal tax credit per B4 chassis cab is also a significant incentive for potential buyers. Overall, while promising, the immediate financial impact of this partnership on Mullen remains uncertain.

Tech Expert

The partnership between Bollinger Motors and TCD represents a significant technological integration in the EV industry. By incorporating Bollinger's B4 electric trucks into TCD's V2G and V2B technology offerings, this collaboration addresses a important aspect of EV adoption: grid integration.

The potential for using EVs as mobile energy storage units through V2G and V2B technologies is a game-changer. It could help balance grid loads, provide backup power and create new revenue streams for EV owners. This aligns with the growing trend of distributed energy resources and could position Mullen/Bollinger favorably in the evolving energy landscape.

However, the success of this venture will depend on factors such as the scalability of the technology, regulatory support and market adoption rates. While promising, investors should be aware that the full potential of V2G and V2B technologies may take time to materialize and their impact on Mullen's bottom line might not be immediate.

Partnership establishes all-electric Bollinger B4 truck as part of new TCD client solution

BREA, Calif., Sept. 05, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today that its subsidiary, Bollinger Motors (“Bollinger”), has reached an agreement to partner with Texas Consulting & Development, LLC (“TCD”) to supply Bollinger B4 Class 4 trucks as part of TCD’s new, bundled service offering to ports and other related industries. The agreement strengthens TCD’s vehicle portfolio and enhances the company’s Vehicle-to-Grid (“V2G”) and Vehicle-to-Building (“V2B”) technology offerings.

In addition, TCD will leverage the Bollinger B4 electric truck to stimulate sales across the commercial & industrial (“C&I”), telecom and utility sectors. This strategic move is expected to enhance market penetration and provide comprehensive solutions to a broader range of industries for Bollinger Motors.

“The partnership provides another opportunity for the Bollinger B4 to help companies from a wide variety of industries electrify their vehicle fleets as TCD helps their clients develop solutions for overall clean energy strategies,” said Jim Connelly, chief revenue officer of Bollinger Motors. “TCD is a leader in helping companies reduce their overall carbon footprint, and we’re glad that they have chosen to make the B4 an important element of those efforts.”

Both companies share a commitment to leveraging electrification technology to create operational efficiencies while reducing carbon footprints across multiple industries.

“We’re excited about adding Bollinger Motors’ innovative B4 truck to our suite of solutions. This partnership uniquely positions Bollinger Motors’ commercial trucks with our comprehensive fleet infrastructure charging options that simplify and optimize the integration of EV fleet vehicles,” stated Steven Villarreal, managing partner of TCD. “This collaboration makes sense in terms of addressing the future of EV and its aggregated potential for edge energy production – a much-needed solution for grid providers across the U.S.”

The agreement with TCD follows a series of Bollinger Motors’ milestones in recent months including the start of production on the Bollinger B4; providing full warranty coverage of the B4 chassis cab; receiving the Certificate of Conformity from the Environmental Protection Agency; a 145-vehicle sale to Momentum Group, a 70-vehicle sale to Doering Fleet Management, a 50-vehicle sale to EnviroCharge; the addition of TEC Equipment to Nacarato Truck Centers, Nuss Truck & Equipment, and LaFontaine Automotive Group as dealers and service centers; Our Next Energy in Novi, Michigan, to supply battery packs; and Amerit Fleet Solutions as its mobile service provider.

In addition, Bollinger Motors recently qualified for federal clean vehicle tax credits under the Inflation Reduction Act of $40,000 per vehicle for the B4 chassis cab. 

To learn more about Bollinger Motors, visit www.BollingerMotors.com.

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

About TCD

Texas Consulting & Development, LLC provides microgrid and virtual power plant solutions across U.S. C&I segments. The company’s expertise in Distributed Energy Resources (“DERs”) uniquely positions TCD to provide scalable decarbonization solutions that meet the end-to-end electrification demands of many industries.

About Mullen

Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation that offers eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board (“CARB”) and EPA certified and available for sale in the U.S. CARB issued HVIP approval on the Mullen THREE, Class 3 EV truck, providing up to a $45,000 cash voucher at time of vehicle purchase. The Company has also recently expanded its commercial dealer network with the addition of Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group and Eco Auto, providing sales and service coverage in key Midwest, West Coast and Pacific Northwest and New England markets. The Company also recently announced Foreign Trade Zone (“FTZ”) status approval for its Tunica, Mississippi, commercial vehicle manufacturing center. FTZ approval provides a number of benefits, including deferment of duties owed and elimination of duties on exported vehicles.

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 Bollinger Motors and are difficult to predict. Examples of such risks and uncertainties include: (a) whether the partnership with Texas Consulting & Development, LLC  will be successful or result in the sale of  Bollinger B4 Class 4 trucks; (b) Bollinger Motors’ ability to finalize a sales agreement with Doering Fleet Management, EnviroCharge and Momentum Group and deliver purchased vehicles on schedule; (c) Bollinger Motors' continued partnership with TEC Equipment, Nacarato Truck Centers, Nuss Truck & Equipment, and LaFontaine Automotive Group as dealers and service centers; (d) Bollinger Motors' continued partnership with Our Next Energy as a battery supplier; (e) Bollinger Motors' continued relationship with Syncron as its warranty administration provider; and (f) Bollinger Motors’ continued relationship with Amerit Fleet Solutions as its mobile service provider.

Additional examples of such risks and uncertainties include but are not limited to: (i) Mullen and Bollinger Motors' ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen and Bollinger Motors' ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen and Bollinger Motors' ability to successfully expand in existing markets and enter new markets; (iv) Mullen and Bollinger Motors' 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 and Bollinger Motors' business; (viii) changes in government licensing and regulation that may adversely affect Bollinger Motors' business; (ix) the risk that changes in consumer behavior could adversely affect Mullen and Bollinger Motors' business; (x) Mullen and Bollinger Motors' ability to protect its intellectual property; (xi) the vehicles developed will perform as expected and (xii) 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 Automotive, Inc., of which Bollinger Motors is a partially owned subsidiary, with the Securities and Exchange Commission. Mullen and Bollinger Motors anticipate that subsequent events and developments may cause the Company’s plans, intentions and expectations to change. Mullen and Bollinger Motors assume no obligation, and specifically disclaim any intention or obligation, to update any forward-looking statements, whether because 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 and Bollinger Motors' plans and expectations as of any subsequent date.

Bollinger Media Contact:
Mike DeVilling, (248) 875-4207
mdevilling@westshorepr.com

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

FAQ

What is the partnership between Bollinger Motors and Texas Consulting & Development for MULN?

Bollinger Motors, a subsidiary of Mullen Automotive (MULN), has partnered with Texas Consulting & Development (TCD) to supply Bollinger B4 Class 4 trucks for TCD's new bundled service offering, enhancing TCD's V2G and V2B technology offerings and expanding Bollinger's market presence.

How much federal tax credit does the Bollinger B4 chassis cab qualify for under the Inflation Reduction Act?

The Bollinger B4 chassis cab qualifies for a $40,000 federal clean vehicle tax credit under the Inflation Reduction Act.

What recent milestones has Bollinger Motors achieved for MULN?

Bollinger Motors has recently started production of the B4, provided full warranty coverage for the B4 chassis cab, received EPA certification, secured multiple vehicle sales agreements, and expanded its dealer and service center network.

How does the Bollinger-TCD partnership benefit MULN's subsidiary?

The partnership allows Bollinger Motors to expand its market presence in commercial, industrial, telecom, and utility sectors, while providing TCD with electric trucks to enhance their clean energy solutions for clients.