Mullen Automotive Inc. recently received a vote of confidence via a $100 million financing commitment from New York’s Esousa Holdings in late May.
The investment, along with an additional $50 million of senior secured convertible notes sold to other family offices and high-net-worth investors, will go toward funding Mullen’s business operations for one more year (Nasdaq: MULN).
The Brea-based manufacturer makes commercial electric vehicles (EVs) such as the Mullen One cargo van and the Mullen Three truck. It has two vehicle plants in the U.S. located in Tunica, Miss. and Mishawaka, Ind.
The 120,000-square-foot Tunica complex, which houses the two manufacturing lines for the van and truck, began shipping the first set of EVs last August. The Mishawaka facility, spanning 650,000 square feet, was acquired when Mullen picked up assets from Electric Last Mile Solutions in 2022.
Current production for Mullen includes six different EV models, including the Class 1 and Class 3 models, as well as the Mullen-GO delivery van. With the 2022 majority stake Mullen acquired for Michigan-based Bollinger Motors Inc., the company is simultaneously manufacturing the Bollinger B4 chassis cab and a series of passenger EVs such as the Bollinger B1 SUV and the B2 pickup truck.
The EV maker also announced this year a limited production of its first consumer vehicle, the Five RS, for the European market set to launch at the end of 2025.
Mullen last year added a facility in Fullerton, at 1500 E. Walnut Ave., dedicated to EV battery development and production as well, which coincided with its purchase of the assets and intellectual property of former battery developer Romeo Power for $3.5 million.
The company has an estimated 326 employees.
Before its recent financing, Mullen’s cash and equivalents had dwindled from about $155.3 million on Sept. 30 to $29.8 million on March 31.
Laser Focus
“Our company continues to grow despite difficult market conditions, and I am thankful to our team and the effort put forth in getting our EVs into the market and onto U.S. roads,” Chairman and Chief Executive David Michery said in a statement.
“We continue to drive forward and remain laser-focused on scaling our commercial EV business.”
Mullen has delivered 362 vehicles that it has valued at $16.3 million. Mullen’s reported revenue began to kick off in the first quarter ended March 31 at $33,335; it also reported its loss from operations almost tripled to $177.4 million.
The company is currently valued at $45 million with shares trading around $4.32 at press time.
