An EV startup without a vehicle on sale has acquired another EV startup that's also yet to bring a vehicle to market.
Mullen, which plans to market its own crossovers and sports cars, announced on Thursday the purchase of a 60% stake in Bollinger at a cost of $148.2 million in cash and stock. Bollinger's CEO and founder, Robert Bollinger, will remain CEO of his eponymous company to lead the team to production, Mullen said in its announcement. Bollinger's vehicles will also continue to be marketed under the Bollinger brand.
“This acquisition is one of the largest in the EV industry to date and provides Mullen with the unique opportunity to aggressively expand into the high-demand commercial EV space,” David Michery, Muller's CEO and chairman, said in a statement. “The strong interest shown by major customers in all the high-volume segments like delivery, telecom, municipal services, and utilities is a clear indication of the market’s desire for Bollinger’s vehicles.
Bollinger was founded in 2015 and first made waves two years later when it presented the B1, a rugged electric SUV designed for off-roading and intended to be built on a bespoke class 3 truck chassis. A debut of the B2 pickup truck soon followed, which in turn was followed by the reveal of a van, as well as standalone chassis and chassis cabs designed for truck classes 4-6.
The first Bollinger to reach the market will be the B4 chassis cab, though timing for this vehicle also hasn't been announced. Mullen said the trucks will start testing with various fleet customers, upfitters, and charging companies this fall. The tests will be used to gather feedback ahead of the start of production.
Bollinger also planned to launch commercial vans, though those plans will be replaced by Mullen's own plans for commercial vans.
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