Mullen Automotive, Inc. has acquired a controlling interest in Bollinger Motors. This is Mullen’s first EV acquisition and propels the company into the medium-duty truck Classes 3-6 space, along with the B1 and B2 sport utility trucks. The purchase price is $148.2 million in cash and stock for a 60% controlling interest, which gives Mullen the majority ownership of Bollinger Motors, Inc.
“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.”
As part of the acquisition, Bollinger brings Mullen nearly 50,000 reservations previously taken for the B1 and B2 sport utility vehicles. With Mullen’s acquisition and capital injection, both B1 and B2 programs will begin after the start of production for Class 3-6 commercial truck programs. Bollinger will be testing B4 chassis cab trucks this fall with numerous fleet customers, upfitters and charging companies to gather constructive feedback.