Mullen Automotive, Inc. MULN unit Mullen Advanced Energy has submitted a pre-application to the U.S. Department of Energy for an Advanced Technology Vehicles Manufacturing (ATVM) Loan Program to support its expansion into domestic battery manufacturing.
The company's $50 million submission details its plans to produce approximately 150,000 battery packs through the calendar year 2032.
"We are fully committed to transitioning the manufacturing of EVs and their related components in the U.S.," said David Michery, CEO and chairman of Mullen Automotive.
Also Read: Mullen Ramps Up, Delivers 63 Electric Trucks Worth $3.97M To Randy Marion
The ATVM is a $25 billion direct loan program funded by Congress in the fall of 2008. The loan program provides debt capital to the U.S. automotive industry for funding projects that help vehicles manufactured in the U.S. meet higher mileage requirements and lessen the country's dependence on foreign oil.
The latest development supports the company's EVs, including those currently assembled in the U.S. at the company's Tunica, Mississippi-based plant.
The funding will also support capital investment to be used for plant equipment and tooling to maximize capacity at Mullen's new 122,000-square-foot high-energy facility in Fullerton, California.
"We are grateful for the vision of Congress and the federal government to provide resources to support the establishment of U.S.-based battery manufacturing," Michery added.
Price Action: MULN shares are trading lower by 3.07% to $13.88 on the last check Wednesday.
Photo via Company
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
