Mullen and EO Charging partner for EV fleet solutions

BREA, Calif. - Mullen Automotive, Inc. (NASDAQ: NASDAQ:MULN), an electric vehicle manufacturer whose stock has declined nearly 90% year-to-date, has announced a strategic partnership with EO Charging, a leader in electric vehicle charging solutions. This collaboration aims to deliver comprehensive electrification solutions for Bollinger Motors’ commercial fleet customers. According to InvestingPro data, the company faces significant financial challenges with a weak overall financial health score and negative EBITDA of $242 million in the last twelve months.

EO Charging will offer a complete charge assurance solution, including installation, advanced technology, and round-the-clock support to ensure high reliability, with over 99% uptime. The company’s charging infrastructure has been tested through 50 million charging sessions and has over 100,000 units deployed worldwide. InvestingPro analysis reveals 17 additional key insights about Mullen’s performance and prospects, including detailed financial health metrics and growth indicators - exclusive to subscribers.

Jim Connelly, chief revenue officer of Bollinger Motors, stated that the partnership would help fleet managers transition to electric vehicles by providing necessary expertise and equipment. Bollinger’s B4 Chassis Cab is designed to be compatible with EO Charging’s hardware, allowing businesses to switch to electric trucks with industry-leading support.

John Walsh, president of EO Charging, emphasized their commitment to providing scalable and cost-effective charging solutions to enable a smooth transition for fleet operators to electric vehicles. The collaboration with Bollinger Motors will extend EO’s infrastructure support to the North American market.

Bollinger Motors, which became a majority-owned subsidiary of Mullen Automotive in September 2022, has reached several milestones, including the production launch of its all-electric B4 Class 4 truck in September 2024. The company has also expanded its dealer and service network across the United States.

This partnership is based on a press release statement and marks a significant step towards enhancing the infrastructure for electric commercial fleets, ensuring businesses have the necessary support to adopt sustainable transportation solutions. With a current market capitalization of $438 million and a concerning current ratio of 0.24, InvestingPro data suggests investors should carefully monitor the company’s ability to execute on its strategic initiatives.

In other recent news, Mullen Automotive has announced several key developments. The company approved a reverse stock split during a Special Meeting of Stockholders, with the exchange ratio ranging from 1-for-2 to 1-for-100, which was passed with a significant majority of votes. In terms of financial activities, Mullen issued approximately $4.2 million in convertible notes and warrants as part of an ongoing Securities Purchase Agreement, with additional rights granted to an investor to purchase more up to $5.3 million by the end of 2025. The company also expanded its battery production capabilities at its Fullerton, California facility, acquiring additional equipment from Nikola (NASDAQ:NKLA) Corporation to enhance its production of battery packs and modules.

Mullen Automotive has regained compliance with Nasdaq listing requirements after filing its Annual Report with the SEC, ensuring its continued listing on The Nasdaq Capital Market. Additionally, the company secured repeat orders for five Mullen ONE EV cargo vans from two California universities, highlighting the growing adoption of its electric vehicles in the commercial sector. This comes alongside Mullen’s efforts to expand its commercial dealer network across the United States. The company also reached a settlement agreement regarding a derivative action, agreeing to governance enhancements and covering $500,000 in attorney’s fees through its insurers. These recent developments reflect Mullen Automotive’s strategic moves in the electric vehicle market and its commitment to maintaining regulatory compliance.

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