Credit: EV

Mullen acquires 60% of the EV maker Bollinger Motors for nearly $150 million

Written by Cláudio Afonso | | LinkedIn | Twitter

Mullen Automotive announced on Thursday the acquisition of 60% in EV truck innovator Bollinger Motors marking Mullen’s first EV acquisition targeting the medium-duty truck classes 3-6, along with the B1 and B2 sport utility trucks.

The EV maker acquired 60% controlling interest for $148.2 million giving Mullen the majority ownership of Bollinger Motors, Inc. and positions Bollinger to capture the electric sport utility and commercial vehicle markets.

As part of the acquisition, the company brings Mullen nearly 50,000 reservations previously taken for the B1 and B2 sport utility vehicles, Mullen said. The companies will host later today at 2 p.m. EDT a live YouTube stream introducing the two companies.

“This acquisition is one of the largest in the EV industry to date and provides Mullen with the unique opportunity to aggressively expand into the high-demand commercial EV space. The strong interest shown by major customers in all the high-volume segments like delivery, telecom, municipal services and utilities is a clear indication of the market’s desire for Bollinger’s vehicles,” said David Michery, CEO and chairman of Mullen Automotive.

“Combining Bollinger’s vehicles with our existing class 1 and class 2 EV cargo van programs gives us the chance to dominate the entire class 1-6 commercial light and medium duty truck segments. In addition, Bollinger will be able to leverage Mullen’s solid-state battery technology, making their current vehicles even more competitive as our technology launches across the total portfolio of EVs from both Mullen and Bollinger,” he added.

The company brings a significant pipeline of interest from large companies for commercial electric truck classes 3-6 in a wide range of markets such as last mile delivery, refrigeration, utilities and their upfitters.

Earlier this month, Bollinger revealed for the first time the B4, a class 4 electric commercial truck. The B4 electric chassis cabs will be the first of the company’s commercial lineup to hit the ground in upcoming client test programs.

“We are proud to design our commercial EVs from the ground up, here in America, offering greater efficiency, lower total cost of ownership and greater cargo volume. Our dream is to build the world’s best trucks and SUVs,” said Robert Bollinger, founder and CEO of Bollinger Motors. “Mullen shares a similar dream to build the best EV cars and trucks. This partnership will bring us closer to making those visions a reality, as it allows us to ramp up production on our end and get Mullen’s EV programs to the market faster.”

“We have been looking at this space carefully and raising the capital in advance, allowing us to take advantage of opportunities that arise,” added Michery. “We think Bollinger Motors is a perfect example of a smart investment in a known company and brand.”

“I am really impressed with what Robert Bollinger has created for the commercial vehicle space and the off-road capable B1 and B2 sport utility vehicles,” Michery continued. “Bollinger is a true innovator and generational company, and we believe they have the potential to turn the sector on its head, similar to what the Hummer H1 did over 30 years ago. Bollinger is a transformative acquisition and paradigm shift for the EV industry.”

Last week, the company unveiled a partnership with the Israel-based company Watergen to provide fresh drinking water from the air for in-vehicle consumer and commercial applications.

The technology generates a fresh supply of up to 5 liters of hot and cold drinking water daily for vehicle occupants directly from the air.

Recently, the company said that will partner with Team Rosberg Engineering (TRE) from Germany on vehicle chassis and safety development for its first model Mullen FIVE in late 2024 / early 2025.

Written by Cláudio Afonso | | LinkedIn | Twitter