Mullen Automotive Closes on the ELMS Asset With Funding of $150 Million

Mullen Automotive Closes on the ELMS Asset With Funding of $150 Million

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Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, has received $150 million in funding, which the company will use in part to close on ELMS assets. According to the announcement, the company can now fund and close on ELMS assets and complete the engineering, preparation, and launch of EVs. ELMS assets include a factory in Mishawaka, Indiana; all ELMS IP, which includes essential manufacturing data for the assembly of class 1 van and class 3 cab chassis; all inventory including finished and unfinished vehicles, part modules, component parts, raw materials, and tooling; and all property including equipment, machinery, supplies, computer hardware, software, communication equipment, data networks, and data storage. “We are excited to announce today that we have the funding in place to close on the ELMS asset acquisition,” said Mullen Automotive CEO and chair David Michery in the press release. “We expect to close quickly on the ELMS transaction. This will accelerate the market introduction of our cargo van program and provide us with critical manufacturing capacity at a much lower investment than previously expected to supply the rest of our product portfolio. The completion of this acquisition brings together the critical enablers for our business strategy. With our Mullen, Bollinger, and ELMS assets, as well as our plants, we are now in a unique position to be a leader in the new EV auto market.”

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