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Posted On: 12/30/2020 3:28:03 PM
Post# of 1077
NetworkNewsBreaks – Net Element (NASDAQ: NETE) Announces Mullen Technologies Receives LOI for Purchase of 1,500 MX-05 EVs
Net Element (NASDAQ: NETE) is a financial technology company in the process of transforming its business model to become a pure-play electric vehicle (“EV”) manufacturer through a pending merger with privately held Mullen Technologies Inc. Mullen recently executed a nonbinding Letter of Intent (“LOI”) with Unlimited Electrical Contractors Corp (“UEC”), a premiere electrical contractor based in Pompano Beach, Florida. The LOI outlines agreements for the purchase of up to 10,000 of Mullen’s MX-05 electric vehicles (“EVs”), with an initial purchase order of 1,500 MX-05s, valued at an estimated $75 million. The LOI states that UEC may order an additional 8,500 vehicles by 2025. UEC is working toward being the first electrical contractor with an all-electric service fleet. The agreement is for a modified variant of the MX-05, an electric crossover SUV based on a skateboard EV platform and a unibody frame available in either a single or dual electric motor configuration. “We’re very excited to work with UEC and are very fortunate that they see the value in Mullen and the MX-05 for their business,” said Mullen Technologies CEO and Chairman David Michery in the press release. “UEC’s order is the first of many commercial fleet relationships we are currently working on. The skateboard platform and low center of gravity of the MX-05 allows us to easily configure the vehicle for many different types of commercial trade use.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Net Element (NASDAQ: NETE) is a financial technology company in the process of transforming its business model to become a pure-play electric vehicle (“EV”) manufacturer through a pending merger with privately held Mullen Technologies Inc. Mullen recently executed a nonbinding Letter of Intent (“LOI”) with Unlimited Electrical Contractors Corp (“UEC”), a premiere electrical contractor based in Pompano Beach, Florida. The LOI outlines agreements for the purchase of up to 10,000 of Mullen’s MX-05 electric vehicles (“EVs”), with an initial purchase order of 1,500 MX-05s, valued at an estimated $75 million. The LOI states that UEC may order an additional 8,500 vehicles by 2025. UEC is working toward being the first electrical contractor with an all-electric service fleet. The agreement is for a modified variant of the MX-05, an electric crossover SUV based on a skateboard EV platform and a unibody frame available in either a single or dual electric motor configuration. “We’re very excited to work with UEC and are very fortunate that they see the value in Mullen and the MX-05 for their business,” said Mullen Technologies CEO and Chairman David Michery in the press release. “UEC’s order is the first of many commercial fleet relationships we are currently working on. The skateboard platform and low center of gravity of the MX-05 allows us to easily configure the vehicle for many different types of commercial trade use.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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