Loop to offer up to $300 million in available financing via its Loop-as-a-Service program to deploy Level 2 and Level 3 DC public charging stations across the Mullen Charging Network Powered By Loop
Mullen and Loop will provide turnkey, co-branded intelligent electric vehicle charging technology, accelerating the expansion of the charging infrastructure in the USA
BREA, Calif., Dec. 14, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces today that it has entered into a definitive agreement with Loop Global Inc. ("Loop"), a full-service EV charging solution provider, to build the next generation of public and private EV charging technology, infrastructure and network solutions.
The partnership will combine Mullen Automotive’s expertise in electric vehicle design and engineering with Loop’s expertise in electric vehicle charging infrastructure to offer a comprehensive solution for businesses, municipalities and residential EV drivers looking to deploy seamless and reliable EV charging stations.
Mullen EV Charging Network Powered by Loop will support both level 2 and level 3 DC fast charging. The turnkey solution will include everything from site assessment and design to installation and ongoing operation. It will also feature cutting-edge technology such as fast-charging capabilities and smart charging technology.
In addition, the companies are teaming up to finance and/or own and operate EV charging infrastructure through Loop’s unique financing program, called the Loop Impact Fund. Further, Loop-as-a-Service (“LaaS”) payment options provide Mullen EV Charging Network customers with a no Capex budget solution for the turnkey installation of EV charging infrastructure at $0 down, utilizing a portion of the estimated monthly charging revenue to pay for the upgrades over a fixed term.
“Our partnership with Loop will not only enable us to provide turnkey EV charging solutions to our customers, but also the Loop Impact Fund commitment is an opportunity to provide our customers with potential cash flow-positive alternative financing when implementing the Mullen EV Charging Network Powered by Loop. In addition to being highly strategic, this partnership aligns with our goal of end-to-end efficiency to make owning a Mullen EV much more user-friendly,” said David Michery, chairman and CEO of Mullen.
"Loop Global is thrilled to partner with Mullen Automotive to offer turnkey electric vehicle charging solutions," said Dustin Cavanaugh, CEO of Loop Global. "Our combined teams are dedicated to providing the most comprehensive technology and services to support the transition to electric transportation, and we are excited to work with Mullen Automotive to make that vision a reality."
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of premium electric vehicles (EVs) that are affordable and built entirely in the United States. With an end-to-end ecosystem that supports owners from test driving to financing and servicing through a unique hybrid dealership model, customers are supported through every aspect of EV ownership. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. The Mullen FIVE, the Company's first electric crossover, is slated for delivery in 2024 and features an award-winning design and its patented PERSONA technology that utilizes facial recognition to personalize the driving experience for every individual. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions’ (“ELMS”) assets, including IP and a 650,000-square-foot plant in Mishawaka, Indiana.
Loop is one of the fastest-growing electric vehicle charging network infrastructure companies in the world. The company provides turnkey hardware, software and ongoing operating service-based solutions that simplify and streamline the delivery of cost-effective public and private EV charging network infrastructure for commercial, multifamily residential, fleet and municipal real estate markets. Since its launch in 2019, Loop has grown to provide comprehensive EV charging solutions in all 50 U.S. states as well as over 15 countries and growing.
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to whether the joint venture agreement with Loop will be a success; whether the $300 million from the Loop-as-a-Service program will materialize and, if so, what amounts will be deployed to the Mullen program; whether the resultant product developed will include the contemplated features and technology, including turnkey EV charging solutions for Mullen’s EV and other customers; whether the contemplated joint venture to finance and/or own and operate EV charging infrastructure through Loop’s Impact Fund will materialize; and whether the Loop-as-a- Service payment or other financing options that may be offered will be beneficial to Mullen EV Charging Network customers.
Further examples of such risks and uncertainties include but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen’s business; (viii) changes in government licensing and regulation that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; (x) Mullen’s ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.
Mullen Automotive, Inc.
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