Mullen Automotive, an electric vehicle manufacturer, recently received a $100 million financing commitment from a family office and has sold up to an additional $50 million of senior secured convertible notes to family offices and high net worth investors. These commitments satisfy Mullen’s capital needs over the next 13 months. The company sold such investors $12.5 million in notes on May 14, 2024.
With the $150 million funding commitment, Mullen has enough cash and cash equivalents to fund operations over the next 13 months for both Mullen and Bollinger Motors, which includes Bollinger Motors B4 vehicle production.
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“We are appreciative of the additional investment in Bollinger Motors announced this morning by Mullen Automotive as it underscores their commitment to our long-term success,” said Robert Bollinger, founder and CEO of Bollinger Motors. “We are making progress toward our start of production every day, and the additional funding will allow us to make key investments to accelerate our forward momentum. Starting from the ground up, Bollinger Motors has developed a world-class, all-electric Class 4 truck that is already receiving high praise from drivers and fleet executives alike. I am intensely proud of the collective effort of the Bollinger Motors team, Roush Industries, and our entire supply chain network as we bring this vehicle closer to reality every day.”
Several advancements have been made by Mullen, including approval by the California Air Resources Board of the Mullen Three Class 3 EV truck and a cash voucher for up to $45,000 that can be used at the time of purchase. The company also recently expanded its commercial dealer network with the addition of Pritchard EV and National Auto Fleet Group.
