Loan application

Mullen Automotive Files U.S. Department of Energy ATVM Loan for Mullen ONE EV Cargo Van Program

Mullen Technologies, Inc.

On April 29, 2022, Mullen applied for an ATVM loan for the Mullen ONE EV Cargo Van program. The funds will be used to ramp up high-volume production of electric utility vans at Mullen’s (AMEC) manufacturing plant outside of Tunica, Mississippi.

BREA, Calif., May 02, 2022 (GLOBE NEWSWIRE) — via InvestorWire — Mullen Automotive, Inc.. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, announces the filing of its ATVM loan application for the Mullen ONE EV Cargo Van Program with the U.S. Department of Energy. The application was filed on April 29, 2022.

Mullen submitted his prequalification on April 25, 2022 and was invited by the Department of Energy to formally submit his loan application on April 29, 2022. Mullen submitted the loan application on April 29 at approximately 1:55 p.m. PT .

“We are proud to announce the submission of our ATVM loan application for the Mullen ONE EV Cargo van program,” said David Michery, CEO and President of Mullen Automotive. “We started our ATVM lending journey in 2019, and the DOE has been tracking our progress since then. I would like to thank the entire Mullen Automotive team for working diligently on this submission. I also want to thank the DOE for their continued support of our initiative to get Americans back to work. This is an important milestone for us, with many more to follow.

The Mullen ONE EV is a Class 1 light-duty van rated at less than 6,000 pounds GVRW and will be one of the first electric utility vehicle offerings in this class. Market leaders in the Class 1 light-duty van category include the Ford Transit Connect and the Ram Promaster City Cargo Van. To learn more about Mullen’s EV vans, visit Mullenusa.com.

The ATVM Loan Program was authorized by the Energy Independence and Security Act of 2007 to support the manufacture of qualifying light-duty vehicles and qualifying components in the United States. Since the program began, the Department of Energy has secured more than $8 billion in loans.

About Mullen
Mullen is a Southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean, scalable energy solutions. Mullen has evolved over the past decade in step with consumer and technology trends. Today, the company works diligently to provide exciting electric vehicle options built entirely in the USA and designed to fit perfectly into the life of the American consumer. Mullen is working to make electric vehicles more accessible than ever by creating an end-to-end ecosystem that supports all aspects of electric vehicle ownership.

Forward-looking statements
Certain statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as “continue”, “will”, “may”, “could”, “should”, “expect”, “plan”, “intend”, “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 by 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, whether the ATVM loan application will be approved, whether there will be continued interest in Mullen Automotive stock by retail investors; whether the Company will achieve its objectives of launching its EV crossover, the FIVE, on schedule and, if so, whether the FIVE will be a success; and if the Company’s partnerships with ARRK, Dü rr and DSA Systems and Over the Air (OTA) will accelerate the deployment of FIVE. Other examples of such risks and uncertainties include, but are not limited to: (i) Mullen’s ability (or inability) to obtain additional financing in a sufficient amount or on acceptable terms should the need arise ; (ii) Mullen’s ability to maintain and obtain additional contracts with manufacturers, parts suppliers and other service providers related to its business; (iii) Mullen’s ability to successfully expand into existing markets and enter new markets; (iv) Mullen’s ability to successfully manage and integrate any 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) the adverse effects of increased competition on Mullen’s business; (viii) changes in government licenses and regulations that may adversely affect Mullen’s business; (ix) the risk that changes in consumer behavior could adversely affect Mullen’s business; and (x) Mullen’s ability to protect its intellectual property; (xi) general local, industrial and business and economic conditions. Other factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements can be found in the company’s most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8.-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may alter his plans, intentions and expectations. Mullen undertakes 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.

Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com

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