Mullen Automotive submits updated plan to DOE for grant funding opportunity

Mullen Automotive (MULN) has submitted an updated plan in response to the U.S. Department of Energy’s Funding Opportunity for Battery Materials. Established on Nov. 13, 2023, via the current administration, the program announces up to $3.5B from the Bipartisan Infrastructure Law to boost domestic production of advanced batteries and battery materials nationwide. The program is designed to provide grants for battery materials processing to ensure that the United States has a viable battery materials processing industry. On Dec. 17, 2024, Mullen Automotive submitted a modified plan to the DOE that incorporates its facilities in Mishawaka, Indiana, and Fullerton, California, for U.S.-based battery and pack production. Mullen is in position to transition to manufacturing and assembly of high-voltage and low-voltage battery systems in the United States. Mullen has made substantial investments and strategic decisions that underscore the Company’s commitment to advancing U.S. manufacturing. Mullen has invested $12M to date to further battery and pack development and manufacturing, and will invest an additional $43M in support of U.S. production. In total, Mullen is seeking $55M in matching DOE funds to support the U.S. manufacturing capabilities and to expand production in response to global demand. Mullen investments include strategic acquisitions, including assets from Romeo Power and Nikola for battery pack production, and key infrastructure investments designed to increase speed to market. Mullen’s first production units are planned for delivery in late mid-2025 with two additional production lines scheduled to launch in each of the next two years. A key update in Mullen’s battery business strategy involves the relocation of high-volume production to Mishawaka, where the Company will build out the primary battery manufacturing lines. The Fullerton facility will be dedicated to research and development as well as low-volume, solid-state prototype production. Additionally, Mullen is considering adding a low-voltage line capable of producing 24-volt and 48-volt battery modules. Mullen is dedicating the Mishawaka facility as the base for multiple battery production lines. This location, which is the former GM Hummer and AM General manufacturing facility, will be revitalized to accommodate a capacity of 108,000 battery systems or 1 gigawatt-hour per year.