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Mullen (NASDAQ: MULN) Submits Concept Paper for Domestic Battery Materials Processing

Investor Brand Network - Tue Jan 9, 9:58AM CST

Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced that its subsidiary Mullen Advanced Energy, LLC 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. Mullen’s submission details its 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 Concept Paper is the first step before the company submits its formalized application for the DOE funding opportunity, expected to take place on or before March 19, 2024. “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.

To view the full press release, visit https://ibn.fm/6HQ7i

About Mullen Automotive Inc.

Mullen 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. For more information about the company, visit www.MullenUSA.com.

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The latest news and updates relating to MULN are available in the company’s newsroom at https://ibn.fm/MULN

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