Mullen Technologies Inc., an emerging electric vehicle manufacturer based in California, is merging with Net Element Inc. in a stock-for-stock reverse merger, with plans to deliver electric vehicles out of Memphis, Tennessee.
On March 11, Mullen and Net Element announced the merger between their two companies, which would have Mullen’s stockholders receiving a majority of the outstanding stock in the post-merger company. As part of this merger announcement, Mullen is purchasing a manufacturing facility in Tunica, Mississippi — known as Mullen’s Advanced Manufacturing Engineering Center and Proving Grounds — where it will innovate its manufacturing processes and optimize product design with simultaneous engineering efforts.
Located just 50 miles from Memphis, Tennessee, the 120,000-square-foot AMEC facility sits on 100 acres and will employ approximately 50 people in the first year, with the objective of expanding to 200 employees in three years.
“Tunica will allow us to perfect the engineering and manufacturing processes involved in building our EVs, which is a critical step before investing in a high-volume production and assembly plant. This facility is ideal for Mullen’s upcoming initiatives and will be pivotal in allowing us to get to the production of our vehicles in less than typical time,” said David Michery, CEO and chairman of Mullen Technologies.
Today, Mullen announced that it plans to execute a long-term lease on an 820,000-square-foot facility in Memphis, Tennessee, and create up to 800 jobs delivering 100,000 vehicles over a five-year period, commencing in the fourth quarter of 2023.
The 2P6 SUV crossover, formerly the MX-05, will be the first in Mullen’s line of fully electric vehicles that will be manufactured in Memphis. Mullen is currently working on midstage design efforts for the electric SUV in Southern California. Once completed, Mullen will begin building prototype vehicles in the AMEC in Tunica, for initial engineering development and certification.
Simultaneously, Mullen will spend the next 33 months creating the necessary infrastructure and installing the required machinery and equipment for the Memphis facility to support large-scale EV production.
“Our goal is to sustain 100% of our manufacturing processes in the U.S. and by U.S. workers,” said Michery. “With the establishment of AMEC in Tunica, we are among the very few EV companies that have a manufacturing presence in the U.S.”
Mullen received local and state incentives from the city of Memphis and the state of Tennessee in support of its manufacturing facility in Memphis.
“Memphis’ location makes it a primary logistical hub for distribution throughout the U.S. and will provide Mullen with key strategic advantages,” said John Taylor, vice president of manufacturing for Mullen. “The local and state-level administrations are both fully supportive of our manufacturing plan and are showcasing their commitment with significant financial incentives that will help us grow along with the city and state over the next decade.”
Michery added, “Our Tunica and Memphis facilities arrive at a very important time for Mullen. Our pilot facility in Monrovia, California, has now been moved to Tunica, Mississippi. Tunica is more cost-effective and efficient, with close proximity to Memphis. Ultimately, this will produce significant savings in time and money.
“The Memphis factory provides us with the necessary manufacturing footprint to take Mullen to the next level while also helping us create an economic powerhouse in the region. This is a critical point for us and will be very mutually beneficial for Mullen, Memphis and the state of Tennessee,” Michery said.
Mullen Technologies is a licensed vehicle manufacturer that operates in various verticals, focusing on the automotive industry: Mullen Automotive, Mullen Energy, Mullen Auto Sales, Mullen Funding Corp. and CarHub. Each of these divisions provides Mullen with a diversity of products and services within the automotive industry.