Mullen Automotive expands battery production capabilities at Fullerton facility, set to begin production in late 2025.
Quiver AI Summary
Mullen Automotive, Inc. announced the expansion of its battery production capabilities at its Fullerton, California facility following the acquisition of new equipment from Nikola Corporation. The facility will feature multiple production lines, including two high-volume standard battery chemistry lines, R&D lines for both standard and solid-state polymer chemistry, and a full battery testing laboratory. Mullen aims to start production in the second half of 2025, focusing on developing American-made battery components to meet growing demand. Additionally, the company is seeking $55 million in matching funds from the U.S. Department of Energy to support its manufacturing initiatives and reduce reliance on imported battery parts.
Potential Positives
- Expansion of U.S. battery production capabilities with the addition of new equipment, promoting American manufacturing.
- Plans to commence battery production in the second half of 2025, indicating progress in operational timelines.
- Establishment of a comprehensive battery testing laboratory, enhancing the company's research and development capabilities.
- Acquisition of specialized battery production lines, including solid-state polymer technology, positioning Mullen at the forefront of battery innovation.
Potential Negatives
- Significant risks and uncertainties highlighted about the timing and success of battery production, including potential delays and dependency on external funding from the U.S. Department of Energy.
- The company faces challenges in executing its production plans, which may lead to setbacks in meeting market demands for American-made battery components.
- The reliance on acquiring production assets from Nikola Corporation may raise concerns regarding the sustainability of Mullen's internal manufacturing capabilities and technological development.
FAQ
What new battery production capabilities does Mullen Automotive's Fullerton facility have?
The Fullerton facility now has two high-volume battery lines, R&D lines for standard and solid-state batteries, and a full testing lab.
When will Mullen Automotive begin battery production?
Mullen plans to start battery production in the second half of 2025.
Why is Mullen focusing on U.S.-based battery manufacturing?
Mullen aims to reduce reliance on imported battery components and support zero-emission vehicle production in the U.S.
What recent acquisition did Mullen make related to battery production?
Mullen purchased battery line equipment from Nikola Corporation to enhance its Fullerton battery operations.
What types of vehicles is Mullen Automotive producing?
Mullen Automotive is building commercial electric vehicles, including the Class 1 EV cargo van and Class 3 EV cab chassis truck.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$MULN Hedge Fund Activity
We have seen 3 institutional investors add shares of $MULN stock to their portfolio, and 35 decrease their positions in their most recent quarter.
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Full Release
Upon installation of new assets which were recently delivered on Jan. 27, 2025, the Company’s Fullerton facility will have the following battery production lines and testing capabilities:
• Two high-volume standard battery chemistry lines.
• High-precision, low-volume standard battery chemistry R&D line.
• High-precision, low-volume solid-state polymer R&D line.
• Full battery testing laboratory for current and future battery projects.
Company plans to begin start of production second half of 2025
BREA, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) -- via IBN --
Mullen Automotive, Inc.
(NASDAQ:
MULN
) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today the Company continues to further its U.S. battery production capabilities with the additional purchase of battery line equipment from Nikola Corporation (“Nikola”) for its Fullerton, California, battery operations. The Fullerton facility is dedicated to producing next-generation, American-made battery packs, modules and advanced solid-state polymers, which are critical components to the Company’s commitment to zero emissions and to reducing reliance on key battery components imported from foreign countries.
Recently purchased Nikola assets include:
• A high-volume standard battery chemistry production line.
• Electro-dynamic shaker system (vibration table) to be utilized for in-house laboratory testing of battery and overall system components.
Upon installation of the newly purchased equipment, Mullen will have the following battery production lines and testing capabilities in Fullerton:
• Two high-volume standard battery chemistry lines.
• High-precision, low-volume standard battery chemistry R&D line.
• High-precision, low-volume solid-state polymer R&D line.
• Full battery testing laboratory for current and future battery projects.
Mullen is focused on increasing U.S. manufacturing capabilities in response to demand for American-made battery components and systems. The Company plan is to produce its own commercial vehicle battery packs while also opening other industry applications and commercial sales opportunities.
“We continue to execute our plan of transitioning to American-made battery components and we are doing it right here in Southern California,” said David Michery, CEO and chairman of Mullen Automotive.
In September 2023, Mullen announced the initial purchase of battery production assets from Romeo Power, a subsidiary of Nikola Corporation, for approximately $3.5 million. The deal included equipment, inventory and intellectual property for high-volume EV battery pack and module production. On Dec. 17, 2024, Mullen Automotive submitted a modified plan to the U.S. Department of Energy (“DOE”) that incorporates its facilities in Mishawaka, Indiana, and Fullerton, California, for U.S.-based battery and pack production. In total, Mullen is seeking $55 million in matching DOE funds to support the U.S. manufacturing capabilities.
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. 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. The Company has also expanded its commercial dealer network to seven dealers, which includes Papé Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic markets.
On Sept. 7, 2022, Bollinger Motors, of Oak Park, Michigan, became a majority-owned EV truck company of Mullen Automotive. Bollinger Motors has passed numerous milestones including its production launch on Sept. 16, 2024, CARB certification, FMVSS compliance, receiving the Certificate of Conformity from the Environmental Protection Agency, providing full warranty coverage of the B4 chassis cab, and the development of a world-class dealer and service network with over 50 locations across the United States.
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, the timing of installation of the newly acquired battery production assets, whether the anticipated start of battery production date will be achieved; whether Mullen will receive any funding support from DOE and whether the Company will be successful with its battery development and production plans and initiatives. 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
IBN
Austin, Texas
www.InvestorBrandNetwork.com
512.354.7000 Office
Editor@InvestorBrandNetwork.com
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