Mullen acquires controlling stake in electric car startup Bollinger Motors

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

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

Bollinger Motors, a Michigan-based start-up company, launched in 2015 to produce all-electric commercial vehicles for classes 3 to 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 yet to launch a car. It plans to launch its first electric crossover, the Mullen FIVE, in 2024.

The investment will help accelerate the development of Bollinger-class electric commercial trucks, including a Class 4 vehicle expected next year, and will restart its consumer truck program, according to the startup.

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

“Combining Bollinger vehicles with our existing Class 1 and Class 2 EV cargo van programs gives us the chance to dominate the entire Class 1-6 light-duty and medium-duty truck segment,” Micheri said.

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