Mullen Automotive has acquired a majority stake of Bollinger Motors, a move designed to enhance the two EV firms’ positions in the fast-growing electric sports commercial and utility vehicle market.
The $148.2 million deal announced on Thursday grants Mullen the majority stake in Bollinger and the opportunity to expand to Bollinger’s “high-demand commercial EV space,” David Michery, CEO and chairman of Mullen Automotive stated in an announcement.
Bollinger Motors, a Michigan-based startupthat was established in 2015 to develop all-electric commercial vehicles suitable for classes 3 to 6. The company had planned to develop Bollinger B1 as well as B2 Off-road pickups with electric motors, but delayed the project earlier in the year.
Mullen, that went public last year as part of a merger deal together with Net Element, has not yet announced a vehicle. It plans to introduce it’s first hybrid electric vehicle, called the Mullen FIVE, in 2024.
The money will aid in speeding up progress on Bollinger’s commercial class electric vehicles, which includes a class 4 vehicle which is scheduled for in the coming year, and will allow Bollinger to restart its consumer truck program according to the company.
Mullen along with Bollinger remain on track to build the team and create commercial applications that are all electric, using their resources which include Mullen’s solid state battery technology. Robert Bollinger will remain as the CEO.
“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,” Michery stated.