Mullen Automotive acquires bankrupt ELMS for $240 million • TechCrunch

Mullen Automotive mentioned Wednesday it has acquired Electrical Final Mile Options, paving the best way for the California-based startup to fabricate its first electrical automobile.

The $240 million money buy permits Mullen the aptitude to construct as much as 50,000 EVs yearly, accelerating the launch of the Mullen FIVE and Bollinger B1 and B2 retail autos. The deal additionally offers Mullen management over ELMS’s stock, mental property rights and plant in Mishawaka, Indiana.

Mullen, which went public in a 2021 SPAC merger, is in progress mode, buying in September a 60% controlling curiosity in Bollinger Motors, a Michigan-based startup that aimed to construct battery-electric industrial vehicles and off-road pickups. Electrical Final Mile Options, one other Michigan startup, filed for chapter in June, lower than a 12 months after it went public by way of a $1.4 billion SPAC deal.

A number of startups that went public in high-profile reverse mergers over the previous couple of years have confronted chapter, SEC scrutiny or money crunches. The acquisition of ELMS will permit Mullen to “to shorten its manufacturing path and aggressively develop into the industrial and shopper EV market,” David Michery, CEO and chairman of Mullen Automotive, mentioned in an announcement.

The automaker plans to construct the Mullen FIVE, in addition to the Mullen Class 1 and Class 3 industrial supply autos anticipated subsequent 12 months, at its manufacturing facility in Tunica, Mississippi. Along with the Mullen FIVE slated to enter manufacturing in 2024, the corporate plans to construct the 5 RS, an “ultra-high-performance EV sport crossover” with 1,000 horsepower, a prime pace of 200 mph and 0-to-60 acceleration underneath two seconds.