NetworkNewsBreaks – Mullen Automotive Inc. (NASD
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Posted On: 01/10/2024 3:42:38 PM
NetworkNewsBreaks – Mullen Automotive Inc. (NASDAQ: MULN) Announces ATVM Pre-Application for Domestic Battery Materials Processing
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (“EV”) manufacturer, today announced that its subsidiary Mullen Advanced Energy, LLC submitted a pre-application to the U.S. Department of Energy (“DOE”) Advanced Technology Vehicles Manufacturing (“ATVM”) Loan Program to support its expansion into domestic battery manufacturing. A $25 billion-dollar direct loan program funded by Congress in fall 2008, ATVM is designed to provide debt capital to the U.S. automotive industry for the purpose of funding projects that help vehicles manufactured in the U.S. meet higher mileage requirements and lessen U.S. dependence on foreign oil. “We are fully committed to transitioning the manufacturing of EVs and their related components in the U.S.,” said David Michery, CEO and chairman of Mullen Automotive. “We are grateful for the vision of Congress and the federal government to provide resources to support the establishment of U.S.-based battery manufacturing.”
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 that its subsidiary Mullen Advanced Energy, LLC submitted a pre-application to the U.S. Department of Energy (“DOE”) Advanced Technology Vehicles Manufacturing (“ATVM”) Loan Program to support its expansion into domestic battery manufacturing. A $25 billion-dollar direct loan program funded by Congress in fall 2008, ATVM is designed to provide debt capital to the U.S. automotive industry for the purpose of funding projects that help vehicles manufactured in the U.S. meet higher mileage requirements and lessen U.S. dependence on foreign oil. “We are fully committed to transitioning the manufacturing of EVs and their related components in the U.S.,” said David Michery, CEO and chairman of Mullen Automotive. “We are grateful for the vision of Congress and the federal government to provide resources to support the establishment of U.S.-based battery manufacturing.”
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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