Mullen Technologies executes LOI for $135M in funding to acquire an existing EV manufacturing plant in the US
Mullen Technologies Inc., a Southern California-based licensed electric vehicle manufacturer, executed an LOI with Axiom Financial for $135 million in funding to acquire and build out an electric vehicle manufacturing plant.
Mullen also has extended the exclusivity period for the pending merger with Net Element. The parties amended the originally announced Letter of Intent (LOI) to reflect an extended exclusivity period of 30 days, until 10 August 2020. According to Mullen, the pending merger is on schedule and both parties are working diligently to move forward as planned.
At this time, Mullen is pre-approved for funding via non-recourse, asset-backed Line of Credit (“LOC”) totaling $135 million with Axiom Financial to be used for the purchase of the plant to manufacture Mullen Electric vehicles.
Mullen expects to begin production by 2022 and enter the electric Sport Utility Vehicle (SUV) market with the launch of the MX-05, a mid-size luxury SUV that will be featured as a battery electric vehicle.
Mullen is proposing to enter the EV market with core tenants that include: fast-to-market, highly efficient, ready and proven initial platform leveraging an existing vehicle and designed for global market needs (development reduced from 4 years to 24 months), and complemented with a portfolio of competitively priced vehicles in the fast-growing Electric SUV segment.