Mullen Automotive (NASDAQ:MULN), a manufacturer of electric vehicles, revealed Monday that it had acquired battery production assets from Romeo Power. This acquisition encompasses inventory and intellectual property related to high-volume EV battery pack and module production, at a cost of roughly $3.5 million.
The assets acquired from Romeo Power encompass several key elements, including production lines dedicated to assembling EV packs and conducting precise R&D for module and pack development. These assets also include the associated inventory required for module and vehicle battery pack production.
Furthermore, the purchase encompasses essential equipment for battery testing and validation, as well as computer numerical control (CNC) machinery used in the production of battery pack and module enclosures. Additionally, all furniture and fixtures are part of the acquisition.
“Purchasing the Romeo assets is consistent with our battery pack production path and previous announcements for our high voltage facility in Monrovia. Overall, this purchase further enhances our capabalities for battery pack production right here in California and the U.S.,” said Mullen CEO, David Michery.
Shares of MULN are up 10.63% in mid-day trading Monday.