home Uncategorized Mullen acquires controlling interest in EV startup Bollinger Motors Jaclyn Trop

Mullen acquires controlling interest in EV startup Bollinger Motors Jaclyn Trop

Mullen Automotive has acquired a controlling interest in Bollinger Motors, a move intended to strengthen the two EV companies’ positions within the fast-growing electric sport utility and commercial vehicle markets.

The $148.2 million acquisition announced Thursday gives Mullen a 60% controlling interest in Bollinger, as well as an opportunity to expand into the “high-demand commercial EV space,” David Michery, CEO and chairman of Mullen Automotive, said in a statement.

Bollinger Motors, a Michigan-based startup, launched in 2015 to make all-electric commercial vehicles for classes 3 through 6. The company planned to produce the Bollinger B1 and B2 off-road electric pickup trucks but postponed development earlier this year.

Mullen, which went public last year in a merger with Net Element, has not yet launched a car. It plans to launch its first electric crossover, the Mullen FIVE, in 2024.

The investment will help fast-track the development of Bollinger’s class commercial electric trucks, including a class 4 vehicle expected next year and resume its consumer truck program, according to the startup.

Mullen and Bollinger will continue to grow the team and develop all-electric commercial platforms, leveraging each other’s resources, including Mullen’s solid-state battery technology. Robert Bollinger will remain as 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 said.

Mullen acquires controlling interest in EV startup Bollinger Motors by Jaclyn Trop originally published on TechCrunch

Mullen Automotive has acquired a controlling interest in Bollinger Motors, a move intended to strengthen the two EV companies’ positions within the fast-growing electric sport utility and commercial vehicle markets. The $148.2 million acquisition announced Thursday gives Mullen a 60% controlling interest in Bollinger, as well as an opportunity to expand into the “high-demand commercial
Mullen acquires controlling interest in EV startup Bollinger Motors by Jaclyn Trop originally published on TechCrunch Transportation, Battery Electric Vehicles, Battery Technology, Bollinger Motors, electric truck, electric vehicles, green vehicles, Robert Bollinger, Startups, transport, transportationTechCrunch

Leave a Reply

Your email address will not be published. Required fields are marked *

Generated by Feedzy