By Michael Elkins
American electric vehicle maker, Mullen Automotive Inc (NASDAQ:MULN) announced today that they have entered into a definitive agreement with Loop Global Inc., a full-service EV charging solution provider, to build the next generation of public and private EV charging technology, infrastructure, and network solutions.
Mullen EV Charging Network Powered by Loop will support both level 2 and level 3 DC fast charging. The turnkey solution will include everything from site assessment and design to installation and ongoing operation.
In addition, the companies are teaming up to finance and/or own and operate EV charging infrastructure through Loop’s financing program, called the Loop Impact Fund.
“Our partnership with Loop will not only enable us to provide turnkey EV charging solutions to our customers, but also the Loop Impact Fund commitment is an opportunity to provide our customers with potential cash flow-positive alternative financing when implementing the Mullen EV Charging Network Powered by Loop. In addition to being highly strategic, this partnership aligns with our goal of end-to-end efficiency to make owning a Mullen EV much more user-friendly,” said David Michery, chairman and CEO of Mullen.
"Loop Global is thrilled to partner with Mullen Automotive to offer turnkey electric vehicle charging solutions," said Dustin Cavanaugh, CEO of Loop Global. "Our combined teams are dedicated to providing the most comprehensive technology and services to support the transition to electric transportation, and we are excited to work with Mullen Automotive to make that vision a reality."
Shares of MULN are up 11.17% in mid-day trading on Wednesday.