MULN - Mullen Submits ATVM Loan Opportunity to the Department of Energy ('DOE') for Domestic Battery Materials Processing | Benzinga
The $50 million ATVM application details the Company's plan to produce an estimated 150,000 battery packs through 2032
The ATVM loan program is a $25 billion-dollar direct loan program funded by Congress in fall 2008 to provide debt capital to the U.S. automotive industry for the purpose of funding projects that help vehicles manufactured in the U.S.
BREA, Calif., Jan. 10, 2024 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ:MULN) ("Mullen" or the "Company"), an emerging electric vehicle ("EV") manufacturer, today announces its subsidiary?Mullen Advanced Energy, LLC ("Mullen Advanced Energy") submitted a pre-application to the U.S. Department of Energy ("DOE") Advanced Technology Vehicles Manufacturing?("ATVM") Loan Program to support its expansion into domestic battery manufacturing. The ATVM is a $25 billion-dollar direct loan program funded by Congress in fall 2008 to provide debt capital to the U.S. automotive industry for the purpose of funding projects that help vehicles manufactured in the U.S. meet higher mileage requirements and lessen U.S. dependence on foreign oil.
The Mullen submission is a first step in the ATVM loan process. The Company's $50 million submission details its plans to produce approximately 150,000 battery packs through calendar year 2032 to support Mullen's EVs, including those currently assembled in the U.S. at the Company's Tunica, Mississippi-based plant ...