Two would-be makers of electric vehicles, Mullen Automotive and Bollinger Motors, are joining forces with Mullen announcing it spent $148.2 million to acquire 60% of Bollinger’s stock.
David Michery, Mullen’s CEO and chairman, and Robert Bollinger, Bollinger’s founder and CEO, appeared side by side during a webinar to explain the deal.
The partnership between Mullen and Bollinger will make it easier to put their vehicles into production as soon as next year.
Money is critical
“A lot of automotive comes down to cash,” said Bollinger, who said the deal will expedite Bollinger’s efforts to not only get the B4, a battery-electric cab forward truck in which potential customers can customize the truck’s functions, but also its B1 and B2 Class 2 vehicles as well.
As the partnership matures, it also will help with other facets of business in which the two companies will be able to combine forces such as distribution.
Bollinger added the new Inflation Reduction Act, which grants substantial tax breaks to EV buyers who put them into commercial trucks into service, added to the impetus behind the deal.
“Synergistically it all works,” said Michery, adding he has been very impressed with the quality of the off-road capability developed for Bollinger’s rolling chassis, which would be a good fit for a variety of customers, such as the U.S. Department of Defense.
“I have been a fan of Bollinger for some time,” he said.
Mullen get chance to expand market
Michery added the acquisition is one of the largest in the EV industry to date and provides Mullen with the unique opportunity to aggressively expand into the high-demand commercial EV space.
“The strong interest shown by major customers in all the high-volume segments like delivery, telecom, municipal services, and utilities is a clear indication of the market’s desire for Bollinger’s vehicles,” he said.
“The combination of Bollinger’s vehicles with Mullen’s 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 added.
In addition, Bollinger will be able to leverage Mullen’s solid-state battery technology, making their current vehicles even more competitive as our technology launches across the total portfolio of EVs from both Mullen and Bollinger.
Bollinger, which recently moved its operations into a larger building in Oak Park, Michigan, just outside Detroit, was launched in 2015 and has developed proprietary vehicle battery packs, drivetrains, and thermal and vehicle control software units.
As part of the acquisition, the company brings Mullen 50,000 reservations previously taken for the B1 and B2 vehicles. With Mullen’s acquisition and capital injection, both B1 and B2 programs will begin after the start of production for class 3-6 commercial truck programs.
Earlier this month, Bollinger revealed for the first time the B4, a class 4 electric commercial truck.
B4 will be first vehicle to market
The B4 electric chassis cabs will be the first of the company’s commercial lineup to hit the ground in upcoming client test programs. The new Bollinger B4 incorporates years of feedback from dozens of major fleets looking to electrify their vehicles.
The result is a cab-forward truck, designed from the ground up to offer maximum cargo volume, accommodate unlimited adaptation and prioritize safety. Bollinger will be testing B4 chassis cab trucks this fall with fleet customers, upfitters, and charging companies to gather constructive feedback.
“We are proud to design our commercial EVs from the ground up, here in America, offering greater efficiency, lower total cost of ownership and greater cargo volume. Our dream is to build the world’s best trucks and SUVs,” said Bollinger.
“This partnership will bring us closer to making those visions a reality, as it allows us to ramp up production on our end and get Mullen’s EV programs to the market faster.”
“We have been looking at this space carefully and raising the capital in advance, allowing us to take advantage of opportunities that arise,” added Michery. “We think Bollinger Motors is a perfect example of a smart investment in a known company and brand.”