BREA, Calif., April 03, 2023 (GLOBE NEWSWIRE) -- via InvestorWire -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces successful close of the 60-day commercial EV pilot program for Class 1 EV cargo vans with Menzies Aviation (“Menzies”) and Loop Global Inc. (“Loop”) at Los Angeles International Airport (“LAX”). Menzies operates in 250-plus airports in 58 countries, providing ground, air cargo and fuel services to commercial airports and airlines.
Highlights of 60-day LAX Pilot Program:
- Two Class 1 EV vans were piloted at LAX airport and powered utilizing Loop installed level 2 chargers
- Vans were utilized for transporting both equipment and crews throughout the pilot program
- Over 1,500 miles were driven over the course of the pilot at LAX
- Consistent performance with 100% uptime and zero maintenance issues
- Estimated cost savings of 66% in electrical versus their gas-equivalent vehicles
- Estimated 83% reduction in CO2 emissions for EV vans compared to gas-vehicle equivalent
Based on driver feedback, Menzies has requested van modifications to include increased seating capacity and additional windows for enhanced driver visibility. Upon completion of these enhancements and finalization of contract terms, it is anticipated that these updated vehicles will be used by Menzies to expand its fleet globally.
During the pilot, Loop provided EV charging infrastructure and fleet operations software to service the Mullen electric vans through its electric vehicle fleet-as-a-service (“EVFaaS”) program. With the Loop cloud-based Charger Management System (“CMS”), Menzies was able to charge Mullen’s electric vehicles between each shift to keep them powered for daily operations across LAX.
“We are excited to be a part of electrifying Menzies fleet at LAX Airport,” said John Schwegman, chief commercial officer at Mullen Automotive. “We were confident that our Class 1 vans would provide an ideal use case at LAX. We look forward to expanding their fleet at LAX and other operations.”
“The LAX pilot was very important in quantifying the efficiency, uptime and cost savings that can be achieved with our Class 1 EV vans. Successful pilots such as this demonstrate how companies can scale their fleet operations with commercial EV offerings from Mullen,” said David Michery, CEO and chairman of Mullen Automotive.
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover, Mullen I-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs, and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of all of Electric Last Mile Solutions' (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain statements 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. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "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 in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to: (i) whether the commercial product launches contemplated for 2023 will materialize within the slated timelines; (ii) whether Menzies will purchase any additional Mullen vehicles for the airports or other locations where it operates; whether the estimated cost savings and reduction in CO2 emissions for EV vans compared to gas vehicle equivalent is accurate and will be the same for all pilot and subsequent vehicle uses; and whether the requested Menzies vehicle modifications resulting from the pilot will be successfully implemented or will result in purchase orders; (iii) Mullen’s ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (iv) Mullen's ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (v) Mullen’s ability to successfully expand in existing markets and enter new markets; (vi) Mullen’s ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (vii) unanticipated operating costs, transaction costs and actual or contingent liabilities; (viii) the ability to attract and retain qualified employees and key personnel; (ix) adverse effects of increased competition on Mullen’s business; (x) changes in government licensing and regulation that may adversely affect Mullen’s business; (xi) the risk that changes in consumer behavior could adversely affect Mullen’s business; (xii) Mullen’s ability to protect its intellectual property; and (xiii) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the 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 cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it 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
Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
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