Electric truck startup Bollinger Motors seemed to be circling the drain last week, but a fresh investment from Mullen Automotive and a new/old face at the helm means there might be life in the medium-duty EV brand, yet. Here’s what we know, so far.
Last week, we wrote about a multimillion dollar lawsuit filed by Robert Bollinger that had thrown his eponymous Bollinger Motors brand into receivership, figuring that would be it for the startup electric truck brand. But Bollinger CEO, Bryan Chambers, spoke up to say that it wasn’t over, yet. “Receivership does not necessarily mean a company is headed toward liquidation,” he explained. “In fact, receivership is often used to avoid liquidation and can be the best course of action to help a company move forward … we continue to sell and service our trucks and support our dealers and customers.”
Chambers appears to have been proven right, and Bollinger Motors will, in fact, be moving forward as a very nearly-wholly-owned subsidiary of Mullen Automotive, with Mullen CEO David Michery taking on the role of CEO at both companies.
“This is an important moment for both Mullen Automotive and Bollinger Motors,” said Michery, who confirmed the change in leadership to our friends at Clean Trucking. “Our investment in acquiring the vast majority of remaining shares and resolving certain significant outstanding debt demonstrates our belief in and continued commitment to Bollinger’s vehicle lineup and future.”
And, if all this sounds familiar — that just means you’ve been paying attention. Mullen purchased a controlling interest in Bollinger Motors for $148.2 million in cash and stock back in September of 2022, with promises to revive the tough-looking B1 and B2 concept trucks.
Bollinger B1 electric SUV
READ MORE: Mullen claims majority stake in Bollinger Motors, will revive B1 and B2.
The fresh investment settles the debt with Robert Bollinger and means that Mullen has formally acquired an additional 21% of Bollinger Motors, Inc., bringing its total ownership to 95%. Mullen claims the deal increases shareholder equity by approximately $3.5 million, though it’s worth noting that the company enacted a reverse stock split that took effect 02JUN2025, in order to remain in compliance with the $1.00 minimum bid price requirement on NASDAQ.
Mullen also recently acquired the Fullerton, California battery production facility and “capabilities” of bankrupt electric semi truck brand, Nikola, in a move the company says is focused on increasing US manufacturing capabilities in response to demand for American-made battery components and systems.
The priority at Bollinger Motors, for now, is to regain momentum for the Bollinger B4 Chassis Cab. The B4 is a Class 4 commercial truck designed from the ground up with extensive fleet and upfitter input that ships with a 158 kWh battery pack good for 185 miles of range, with 46-foot turning radius and an impressive payload capacity of 7,325 lbs. rounding out the spec sheet.
SOURCE | IMAGES: Mullen Automotive.
Did you know: grid-connected solar systems automatically shut off when the grid fails? That means you won’t have power in a blackout, even with solar panels.
To keep the lights on, you’ll need a whole home backup battery – your personalized solar and battery quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. The best part? No one will call you until after you’ve decided to move forward. Get started today, hassle-free, by clicking here.
FTC: We use income earning auto affiliate links. More.
electrek.co
#Bollinger #Motors #finds #financial #savior
