Mullen Completes Purchase of Additional Nikola Battery Assets for US Battery Production

Upon installation of new assets which were recently delivered on Jan. 27, 2025, the Company’s Fullerton facility will have the following battery production lines and testing capabilities: • Two high-volume standard battery chemistry lines.• High-precision, low-volume standard battery chemistry R&D line.• High-precision, low-volume solid-state polymer R&D line.• Full battery testing laboratory for current and future battery projects. Company plans to begin start of production second half of 2025 BREA, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an electric vehicle (“EV”) manufacturer, announces today the Company continues to further its U.S. battery production capabilities with the additional purchase of battery line equipment from Nikola Corporation (“Nikola”) for its Fullerton, California, battery operations. The Fullerton facility is dedicated to producing next-generation, American-made battery packs, modules and advanced solid-state polymers, which are critical components to the Company’s commitment to zero emissions and to reducing reliance on key battery components imported from foreign countries. Recently purchased Nikola assets include:• A high-volume standard battery chemistry production line. • Electro-dynamic shaker system (vibration table) to be utilized for in-house laboratory testing of battery and overall system components. Upon installation of the newly purchased equipment, Mullen will have the following battery production lines and testing capabilities in Fullerton: • Two high-volume standard battery chemistry lines. • High-precision, low-volume standard battery chemistry R&D line.• High-precision, low-volume solid-state polymer R&D line.• Full battery testing laboratory for current and future battery projects. Mullen is focused on increasing U.S. manufacturing capabilities in response to demand for American-made battery components and systems. The Company plan is to produce its own commercial vehicle battery packs while also opening other industry applications and commercial sales opportunities. “We continue to execute our plan of transitioning to American-made battery components and we are doing it right here in Southern California,” said David Michery, CEO and chairman of Mullen Automotive. In September 2023, Mullen announced the initial purchase of battery production assets from Romeo Power, a subsidiary of Nikola Corporation, for approximately $3.5 million. The deal included equipment, inventory and intellectual property for high-volume EV battery pack and module production. On Dec. 17, 2024, Mullen Automotive submitted a modified plan to the U.S. Department of Energy (“DOE”) that incorporates its facilities in Mishawaka, Indiana, and Fullerton, California, for U.S.-based battery and pack production. In total, Mullen is seeking $55 million in matching DOE funds to support the U.S. manufacturing capabilities. About MullenMullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of commercial electric vehicles (“EVs”) with two United States-based vehicle plants located in Tunica, Mississippi, (120,000 square feet) and Mishawaka, Indiana (650,000 square feet). In August 2023, Mullen began commercial vehicle production in Tunica. As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and Mullen THREE, a Class 3 EV cab chassis truck, are California Air Resource Board (“CARB”) and EPA certified and available for sale in the U.S. The Company has also expanded its commercial dealer network to seven dealers, which includes Papé Kenworth, Pritchard EV, National Auto Fleet Group, Ziegler Truck Group, Range Truck Group, Eco Auto, and Randy Marion Auto Group, providing sales and service coverage in key West Coast, Midwest, Pacific Northwest, New England, and Mid-Atlantic markets. On Sept. 7, 2022, Bollinger Motors, of Oak Park, Michigan, became a majority-owned EV truck company of Mullen Automotive. Bollinger Motors has passed numerous milestones including its production launch on Sept. 16, 2024, CARB certification, FMVSS compliance, receiving the Certificate of Conformity from the Environmental Protection Agency, providing full warranty coverage of the B4 chassis cab, and the development of a world-class dealer and service network with over 50 locations across the United States. To learn more about the Company, visit www.MullenUSA.com. Forward-Looking StatementsCertain 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, the timing of installation of the newly acquired battery production assets, whether the anticipated start of battery production date will be achieved; whether Mullen will receive any funding support from DOE and whether the Company will be successful with its battery development and production plans and initiatives. 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) 613-1900www.MullenUSA.com Corporate CommunicationsIBNAustin, Texaswww.InvestorBrandNetwork.com512.354.7000 OfficeEditor@InvestorBrandNetwork.com

Mullen Completes Purchase of Additional Nikola Battery Assets for US Battery Production

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