Mullen Raises $150 Million for Closing Indiana Manufacturing Assets
Mullen Automotive is a next-generation premium electric vehicle (EV) company that will provide affordable electric automobiles. Mullen offers an end-to-end ecosystem that supports owners from test driving to financing and services through a unique hybrid edealrship model; customers are supported through every aspect of EV ownership.
Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen”), an emerging electric vehicle (“EV”) manufacturer, announced receipt of $150 million on November 16, 2022, which will be used in part to finalize on the acquisition of ELMS assets, including its plant in Mishawaka, Indiana.
Mullen is now in a position to complete the funding and closing of ELMS assets and the engineering, preparation, and launch of electric vehicles.
In announcing the successful financing, David Michery, Chief Executive Officer and Chairman of Mullen Automotive, remarked...
“We are excited to announce today that we have the funding in place to close on the ELMS asset acquisition.”
“We expect to close quickly on the ELMS transaction. This will accelerate the market introduction of our cargo van program and provide us with critical manufacturing capacity at a much lower investment than previously expected to supply the rest of our product portfolio.”
ELMS assets include:
A state-of-the-art manufacturing factory in Mishawaka, Indiana, which has a production capacity to produce up to 50,000 electric cars annually
- All intellectual property, including all manufacturing data that is required for the assembly of the Class 1 van and Class 3 Cab Chassis
- All inventory, including finished and unfinished vehicles, part modules, component parts, raw materials, tooling
- All property, including equipment, machinery, supplies, computer hardware, software, communication equipment, data networks, and other data storage
David Michery went on to say…
“The completion of this acquisition brings together the critical enablers for our business strategy. With our Mullen, Bollinger and ELMS assets, as well as our plants, we are now in a unique position to be a leader in the new EV auto market.”
For more information, go to https://www.mullenusa.com/
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