Mullen, a notable commercial EV manufacturer, has successfully secured a substantial $150 million capital infusion. This investment will support the company’s plans to expand its sales efforts both domestically and internationally. Additionally, it will facilitate the production of Bollinger’s electric trucks, including the Bollinger Motors B4, which is set to enter series production.
The financing comprises a $100 million commitment from an undisclosed family office, along with the sale of an additional $50 million of senior secured convertible notes to family offices and high net worth investors. With this infusion, Mullen expects to meet its capital requirements for the next 13 months, which includes the necessary funds to commence regular production of the Bollinger B4.
The Bollinger B4 is a cabover-style chassis cab with a 15,500 lb. GVWR (Gross Vehicle Weight Rating). It can be powered by either one or two 79 kWh battery packs, offering ranges of 85 or 185 miles, respectively. Both versions are equipped with a 250 kW (~325 hp) eAxle, providing over 625 lb-ft. of torque at 0 RPM, ensuring sufficient power for acceleration and confidence on the road.
Expected to join Mullen’s lineup later this year, the Bollinger B4 will complement the Mullen 3 and 1 commercial delivery vehicles, which are currently available for delivery. This positions Mullen uniquely in the industry, as not all players, even established ones, can claim such immediate availability.
Mullen has also expanded its commercial dealer network with the recent addition of Pritchard EV and National Auto Fleet Group, enhancing customer support in the Midwest and on the West Coast. Additionally, the Company has secured Foreign Trade Zone Status approval for its Tunica, Mississippi, commercial vehicle manufacturing center, offering several benefits, including duty deferment and elimination of duties on exported vehicles.
