Mullen Automotive, a Net Element-owned manufacturer of commercial electric vehicles (EVs), has secured USD 150 million. The funding came from a USD 100 million commitment by an undisclosed family office and an additional USD 50 million raised by selling senior secured convertible notes to high-net-worth investors and family offices.
The company intends to use the funds to support Mullen's sales efforts domestically and internationally over the next 13 months.
Part of the capital will also be channeled toward the serial production of Mullen’s acquired EV truck maker, Bollinger's B4, a heavy-duty EV truck.
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