Mullen Automotive Seeks $55M for Battery Production Growth
Mullen Automotive Seeks Funding for Battery Production Initiatives
Mullen Automotive has recently taken a significant step forward in its mission to enhance U.S.-based battery production. The company has submitted an updated plan to the U.S. Department of Energy (DOE), requesting $55 million in funding aimed at strengthening domestic manufacturing capabilities for battery systems.
Investment in Battery Production and Technology
As part of its commitment to revitalizing domestic manufacturing, Mullen has already invested $12 million, with plans for an additional $43 million dedicated to battery and pack development. This investment primarily targets the establishment and expansion of production facilities in the U.S., responding to the rising global demand for electric vehicle (EV) components.
Enhancing Manufacturing Facilities
Mullen's updated DOE proposal incorporates the utilization of its existing facilities in Indiana and California. The company is poised to transition towards manufacturing high-voltage and low-voltage battery systems. The Mishawaka facility holds a special focus, being prepared to support multiple production lines. This location is particularly notable as it formerly housed GM Hummer and AM General manufacturing operations.
Strategic Acquisitions and Production Plans
The company’s strategy includes strategic acquisitions of assets from other industry players like Romeo Power and Nikola, aimed at optimizing its production capabilities for battery packs. Mullen plans to conduct extensive production at Mishawaka, with initial units anticipated for delivery by mid-2025, complemented by two additional production lines each year thereafter.
Targeting Sustainable Energy Solutions
By relocating its primary battery production to Mishawaka, Mullen will enhance its manufacturing efficiency while contributing to the DOE’s broader mission of promoting clean energy initiatives in the States. The facility will accommodate production for approximately 108,000 battery systems, which equates to 1 gigawatt-hour annually, underscoring Mullen's ambition to lead in the battery manufacturing sector.
About Mullen Automotive
Founded in Southern California, Mullen Automotive (NASDAQ: MULN) is at the forefront of the electric vehicle industry, actively developing the next generation of commercial EVs. It operates two manufacturing plants within the United States, with plans to expand its footprint and streamline its operations. Following the recent IRS approval, Mullen’s commercial vehicles are now eligible for federal EV tax credits, allowing customers to benefit by up to $7,500 per vehicle. Furthermore, the California Air Resource Board has certified the Mullen ONE and Mullen THREE, reinforcing the company’s commitment to compliance and sustainability.
Frequently Asked Questions
What is Mullen Automotive's recent funding request?
Mullen Automotive has requested $55 million from the DOE to support its U.S. battery production initiatives.
How much has Mullen invested in battery development?
The company has invested $12 million to date and plans to invest an additional $43 million in furthering battery and pack development.
Where will Mullen's battery production facilities be located?
Battery production will take place primarily at the Mishawaka facility in Indiana, with additional development at the Fullerton facility in California.
What are the production plans for Mullen's vehicles?
Mullen anticipates the delivery of its first production units in mid-2025, with additional production lines launching in the following years.
What is Mullen's goal for its manufacturing capabilities?
The company aims to produce 1 gigawatt-hour of battery systems annually, significantly contributing to the clean energy sector in the U.S.
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