The California-based electric vehicle and Class 3 and 4 truck manufacturer Mullen Automotive Inc. has announced $150 million in new funding.
The capital infusion will allow Mullen—and its Michigan-based Bollinger Motors manufacturing arm—to operate and expand their domestic and international commercial sales efforts for the next 13 months, including production of the Bollinger B4 model, the company said.
The money came in the form of a $100 million financing commitment from a family office, combined with the sale of an additional $50 million of senior secured convertible notes to family offices and high net worth investors.
That fresh funding comes after Mullen recently gained California Air Resource Board (CARB) HVIP approval on the Mullen THREE Class 3 EV truck, which provides up to $45,000 cash voucher at time of vehicle purchase. The company also recently expanded its commercial dealer network with the addition of Pritchard EV and National Auto Fleet Group, and announced Foreign Trade Zone Status approval for its Tunica, Mississippi, commercial vehicle manufacturing center.
Bollinger sources its vehicle power from the battery manufacturer ONE, which provides an 800-volt, 2-battery pack system, providing a range of 160 to 185 miles to a charge, depending on the load.
