Mullen announces the submission of the ATVM loan application for the Mullen ONE Cargo Van program

Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter

Mullen Automotive announced on Monday the filing of its ATVM loan application for the Mullen ONE EV Cargo Van Program with the U.S. Department of Energy. The application was filed on April 29, 2022.

Mullen submitted its prequalification on April 25, and was invited by the Department of Energy to formally submit its loan application on April 29, 2022. Mullen submitted the loan application on April 29 at approximately 1:55 p.m. Pacific time.

“We are proud to announce the submission of our ATVM loan application for the Mullen ONE EV Cargo van program,” said David Michery, CEO and chairman of Mullen Automotive. “We began our ATVM loan journey in 2019, and the DOE has been following our progress since then. I want to thank the entire Mullen Automotive team for working diligently on this submission. I also want to thank the DOE for their continued support of our initiative to put Americans back to work. This is a huge milestone for us, with many more to follow.”

The Mullen ONE EV is a Class 1 light commercial cargo van rated under 6,000 pounds GVRW and will be one of the first electric commercial vehicle offerings in this category. Market leaders in the Class 1 light commercial van category include the Ford Transit Connect and Ram Promaster City Cargo Van. Find out more about Mullen’s EV Cargo Vans at Mullenusa.com.

The ATVM Loan Program was authorized by the Energy Independence and Security Act of 2007 to support the manufacturing of eligible light-duty vehicles and qualifying components in the United States. Since the start of the program, the Department of Energy has closed on more than $8 billion in loans.

Mullen recently teased via Twitter its Van production ahead of the first deliveries in Q2 2022, as announced by Mullen’s CEO on March 30. At the time, David Michery unveiled that a Fortune500 company is going to buy “a lot of these vehicles” with the official press release expected during the next weeks.

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Last week, Mullen posted a new job vacancy on Indeed Platform looking for an Investor Relations Associate. The position is based in Brea, California, and the candidate will be responsible for engagement with the investing public, shareholders and financial professionals, the company said.

Mullen reached on April its highest level of Institutional Owners with 58 shareholders owning a total of 1,332,751 shares. Among the largest shareholders there’s: Cutler Group LP, Cetera Advisor Networks LLC, BlackRock Inc., Vanguard Group Inc, Cutler Group LP, Belvedere Trading LLC, and VTSMX.

According to a SEC form filed last week, Mullen‘s CFO Kerri Sadler was gifted a total of 4,000 shares from April 7 to April 22. Previously, on January 18, Sadler had directly acquired 300,000 shares having now a total of 306,174 valued at $425,500 based on the last closing price. The filing reveals that Sadler was gifted with 2,000 shares on April 7, 1,000 two days later and another 1,000 on April 22, 2022.

Recently, also Mullen‘s President of Automotive Division accquired 100,000 shares on April 8. Mullen’s President Calin Popa owns now a total of 159,729 Mullen shares. Popa’s transaction nature was Type A — Grant, award or other under Rule 16b-3(d) and represents a direct ownership.

Recently, the company announced the solid-state polymer battery testing with the Battery Innovation Center (BIC) in Indiana. BIC is focused on the rapid development, testing and commercialization of safe, reliable and lightweight energy storage systems for defense and commercial customers.

Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter

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