Mullen Automotive, a U.S.-based electrical automobile startup with plans to market crossovers and sports activities vehicles, has acquired a controlling stake in fellow U.S. EV startup Bollinger Motors to increase its portfolio with Bollinger’s industrial autos and enthusiast-oriented B1 and B2 off-roaders.
Mullen introduced on Thursday the acquisition of a 60% stake in Bollinger at a value of $148.2 million in money and inventory. Bollinger’s CEO and founder, Robert Bollinger, will stay CEO of his eponymous firm to guide the crew to manufacturing, Mullen mentioned in its announcement. Bollinger’s autos may even proceed to be marketed beneath the Bollinger model.
“This acquisition is among the largest within the EV trade so far and gives Mullen with the distinctive alternative to aggressively increase into the high-demand industrial EV house,” David Michery, Muller’s CEO and chairman, mentioned in a press release. “The sturdy curiosity proven by main prospects in all of the high-volume segments like supply, telecom, municipal providers, and utilities is a transparent indication of the market’s need for Bollinger’s autos.”
Bollinger was based in 2015 and first made waves two years later when it offered the B1, a rugged electrical SUV designed for off-roading and constructed on a bespoke class 3 truck chassis. The B2 pickup truck quickly adopted, which in flip was adopted by a van, in addition to standalone chassis and chassis cabs designed for truck lessons 4-6.
Bollinger B4 chassis cab
Regardless of plenty of buzz, together with practically 50,000 reservations coming in, Bollinger in January made the shock announcement it was placing each the B1 and B2 on maintain because it centered on its industrial autos. Nonetheless, with the contemporary funds introduced in by Mullen’s acquisitions, each autos at the moment are again on the desk, although timing is unsure.
The primary Bollinger to succeed in the market will likely be B4 chassis cab, although timing for this automobile additionally hasn’t been introduced. Mullen mentioned the vehicles will begin testing with varied fleet prospects, upfitters, and charging firms this fall. The checks will likely be used to collect suggestions forward of the beginning of manufacturing.
Bollinger additionally deliberate to launch industrial vans, although these plans will likely be changed by Mullen’s personal plans for industrial vans.
Different autos deliberate by Mullen embrace the 5 crossover which was proven on the 2021 Los Angeles Auto Present, in addition to a sports activities automobile known as the Dragonfly, which is predicated on China’s Qiantu K50 sports activities automobile. Mullen can also be creating solid-state batteries that Bollinger will now have entry to. Nonetheless, it’s nonetheless early days as Mullen has mentioned it solely plans to begin testing its solid-state batteries on the highway round 2025.