NetworkNewsBreaks – Mullen Automotive Inc. (NASD
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Posted On: 09/11/2023 4:37:28 PM
NetworkNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN) Announces Strategic Acquisition of Romeo Power Assets
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced its purchase of battery pack production assets from Romeo Power for approximately $3.5 million. According to the announcement, the deal includes equipment, inventory and intellectual property for high volume EV battery pack and module production. The assets include production lines for EV pack assembly and precision R&D module and pack development with associated inventory allowing for production of modules and vehicle battery packs. In addition, the purchased assets include battery testing and validation equipment, computer numerical control (“CNC”) equipment for battery pack and module enclosure production. “Purchasing the Romeo assets is consistent with our battery pack production path and previous announcements for our high voltage facility in Monrovia,” said David Michery, CEO and chairman of Mullen Automotive. “Overall, this purchase further enhances our capabilities for battery pack production right here in California and the U.S.”
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced its purchase of battery pack production assets from Romeo Power for approximately $3.5 million. According to the announcement, the deal includes equipment, inventory and intellectual property for high volume EV battery pack and module production. The assets include production lines for EV pack assembly and precision R&D module and pack development with associated inventory allowing for production of modules and vehicle battery packs. In addition, the purchased assets include battery testing and validation equipment, computer numerical control (“CNC”) equipment for battery pack and module enclosure production. “Purchasing the Romeo assets is consistent with our battery pack production path and previous announcements for our high voltage facility in Monrovia,” said David Michery, CEO and chairman of Mullen Automotive. “Overall, this purchase further enhances our capabilities for battery pack production right here in California and the U.S.”
Please see full terms of use and 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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