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.
Update: A day after the deal was announced, Mullen disclosed in a securities filing, it received a minimum share warning from the Nasdaq exchange because its share price has traded below $1 for 30 consecutive days.
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.