Mullen Automotive Inc. (Nasdaq: MULN) said it acquired a majority ownership of Oak Park, Mich.-based EV manufacturer Bollinger Motors.
The Brea EV maker purchased Bollinger for $148.2 million in cash and stock for 60% ownership, company officials said. The deal, Mullen’s first EV acquisition, allows the company to enter the medium-duty commercial truck market and the sport utility truck segment with Bollinger’s vehicles.
Bollinger, as part of the deal, will get access to Mullen’s solid-state battery technology.
“This acquisition is one of the largest in the EV industry to date and provides Mullen with the unique opportunity to aggressively expand into the high-demand commercial EV space,” Mullen CEO David Michery said in a statement. “Combining Bollinger’s vehicles with our existing class 1 and class 2 EV cargo van programs gives us the chance to dominate the entire class 1-6 commercial light and medium duty truck segments.”
Following the announcement, shares in Mullen rose 3.9% in after-hours trading to 61 cents apiece.
