The order includes 5 Bollinger B4 trucks and is valued at approximately $825,000

Durability, reliability and performance make the Bollinger B4 the right choice

for fire engines

BREA, Calif., July 9, 2024 (GLOBE NEWSWIRE) — via IBN — Mullen Automotive, Inc. (NASDAQ: MULN number) (“Mullen” or the “Company”), a manufacturer of electric vehicles (“EV”), today announced that its subsidiary, Bollinger Motors, has reached an agreement to sell five all-electric Class 4 Bollinger B4 commercial trucks to Spencer Manufacturing (“Spencer”), which will convert the vehicles into fire trucks. The vehicle order is worth approximately $825,000.

Spencer Production Spencer Manufacturing, Inc. is a specialized upfitter of emergency response and firefighting vehicles, including ladder trucks, pump trucks, tankers, and grass/wildland trucks. The company has a nationwide sales footprint and works primarily with municipal fire departments. Spencer Manufacturing will take delivery of the vehicles after Bollinger Motors begins production in the second half of 2024.

Spencer uses its unique, patented Solid-Poly® process to provide emergency vehicles that are corrosion-free and resistant to high impact and damage. The vehicles come with a lifetime warranty on the underbody, body and tank, while having maximum water and storage capacities.

“We are impressed with the overall engineering of the Bollinger B4 and are confident it will be an excellent emergency response vehicle,” said Grant Spencer, president of Spencer Manufacturing. “Our agreement with Bollinger Motors is another example of how we can provide our customers with unique and innovative emergency response solutions.”

“We are excited to partner with Spencer Manufacturing to use the Bollinger B4 to help keep communities safe,” said Jim Connelly, Chief Revenue Officer for Bollinger Motors. “Durability, reliability and outstanding performance are critical to public safety vehicles, and we are proud that Spencer Manufacturing has placed its trust in the Bollinger B4.”

The Bollinger B4 Chassis Cab is an all-new, battery-electric, zero-emission Class 4 commercial truck designed from the ground up with extensive fleet and upfitter input. Bollinger’s unique chassis design protects the 800-volt battery and components to deliver unmatched capacity, flexibility, performance and usability in the commercial marketplace. Bollinger Motors recently qualified for federal Clean Vehicle Purchase Incentives under the Inflation Reduction Act, which offers $40,000 in refundable tax credits per truck.

Bollinger Motors has achieved several milestones in recent months, including: receiving its Certificate of Compliance from the Environmental Protection Agency; selling 80 vehicles to Momentum Groups; selling 50 vehicles to EnviroCharge; adding Nacarato Truck Centers, Nuss Truck & Equipment and LaFontaine Auto Group as dealers and service centers; Our Next Energy in Novi, Michigan, to supply battery packs; Roush Industries in Livonia, Michigan, to manage vehicle assembly; Syncron as a warranty management partner; and Amerit Fleet Solutions as a mobile service provider.

About Spencer Manufacturing
Founded in 1986 in South Haven, Michigan, Spencer Manufacturing is a privately held, family-owned company that manufactures specialty equipment for emergency vehicles. The company works with municipalities across the country to provide custom designs that fit the unique needs of individual fire departments.

About Bollinger Motors
Bollinger Motors, Inc., founded in 2015 by Robert Bollinger, is an American company headquartered in Oak Park, Michigan. Bollinger Motors develops fully electric commercial chassis cab trucks, Classes 4-6. In September 2022, Bollinger Motors became a majority owned company of Mullen Automotive, Inc. (NASDAQ: MULN number). More information can be found at www.BollingerMotors.com And www.MullenUSA.com.

About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building next-generation commercial electric vehicles (“EVs”) with two U.S. vehicle manufacturing facilities in Tunica, Mississippi (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began production of commercial vehicles in Tunica. In September 2023, Mullen received IRS approval for federal EV tax credits on its commercial vehicles with a Qualified Manufacturer designation offering eligible customers up to $7,500 per vehicle. As of January 2024, both the Mullen ONE, a Class 1 EV truck, and the Mullen THREE, a Class 3 EV cab chassis truck, are certified by the California Air Resource Board (“CARB”) and EPA and available for sale in the U.S. CARB recently granted HVIP approval for the Mullen THREE, Class 3 EV truck, which provides a credit of up to $45,000 toward the purchase of the vehicle. The Company also recently expanded its commercial dealer network with the addition of Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group and Eco Auto, which provide sales and service coverage in key markets in the Midwest, West Coast and Pacific Northwest, and New England. The Company also recently approved Foreign Trade Zone (“FTZ”) status for its commercial vehicle manufacturing center in Tunica, Mississippi. FTZ approval provides a number of benefits, including deferral of duty payments and elimination of duties on exported vehicles.

For more information about the company, visit www.MullenUSA.com.

Forward-looking statements

Certain statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “would,” “expect,” “anticipates,” “plans,” “intends,” “anticipate,” “believe,” “estimate,” “predict,” “potential” and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally beyond Mullen’s control and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, the timing of completion and delivery of vehicles contemplated by the Spencer Manufacturing order and the continued availability of government incentives for the purchase of electric vehicles. Other examples of such risks and uncertainties include, but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when necessary; (ii) Mullen’s ability to maintain existing contracts with manufacturers, parts and other service providers related to its operations and to secure additional contracts; (iii) Mullen’s ability to successfully expand in existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate acquisitions of businesses, solutions or technologies; (v) unforeseen operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Mullen’s operations; (viii) changes in governmental authorizations and regulations that could adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; (x) Mullen’s ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements can be found in Mullen’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments could cause its plans, intentions and expectations to change. Mullen assumes no obligation, and specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.

SOURCE Bollinger Motors

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www.MullenUSA.com

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