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Spencer Manufacturing Agrees to Purchase Bollinger Motors Bollinger B4 Chassis Cabs for Emergency Vehicle Upfits

MULN | July 9, 2024

Durability, Dependability, Performance Make the Bollinger B4 the Right Choice for Fire Rescue Trucks

OAK PARK, Mich., July 9, 2024 /PRNewswire/ -- Bollinger Motors, Inc., an electric commercial vehicle ("EV") manufacturer, today announced it has reached an agreement to sell five all-electric Class 4 Bollinger B4 commercial trucks to Spencer Manufacturing, which will upfit the vehicles into emergency rescue trucks.

Spencer Manufacturing is a specialty upfitter of rescue vehicles and fire trucks, including ladder, pumper, tanker, and grass/wildland trucks. The company has a national sales footprint working primarily with municipal fire departments. Spencer Manufacturing will take possession of the vehicles after Bollinger Motors launches production in the second half of 2024.

"We are excited to work with Spencer Manufacturing to use the Bollinger B4 to keep communities safe," said Jim Connelly, chief revenue officer for Bollinger Motors. "Durability, reliability and outstanding performance are critical for public safety vehicles, and we are proud that Spencer Manufacturing is putting its trust in the Bollinger B4."

Spencer Manufacturing uses its unique, patented Solid-Poly process to deliver emergency services vehicles that are corrosion free and high-impact and damage resistant. The vehicles come with a lifetime warranty on the substructure, body, and tank while featuring maximized water and storage capabilities.

"We are impressed by the overall engineering of the Bollinger B4 and confident it will make an excellent emergency services vehicle," said Grant Spencer, president of Spencer Manufacturing. "Our agreement with Bollinger Motors is another example of how we can provide unique and innovative emergency vehicle solutions to our customers."

The Bollinger B4 Chassis Cab is an all-new, battery-electric, zero-emissions Class 4 commercial truck designed from the ground up with extensive fleet and upfitter input. Bollinger's unique chassis design protects the 800V battery and components to offer unparalleled capability, flexibility, performance, and serviceability in the commercial market. Bollinger Motors recently qualified for federal clean-vehicle purchasing incentives under the Inflation Reduction Act, which provides $40,000 in refundable tax credits per truck.

Bollinger Motors has reached several milestones in recent months, including: receiving the Certificate of Conformity from the Environmental Protection Agency; an 80-vehicle sale to Momentum Groups; a 50-vehicle sale to EnviroCharge; the addition of Nacarato Truck Centers, Nuss Truck & Equipment, and LaFontaine Auto Group as dealers and service centers; Our Next Energy in Novi, Mich. to supply battery packs; Roush Industries in Livonia, Mich. to manage vehicle assembly operations; Syncron as its warranty administration partner; and Amerit Fleet Solutions as its mobile service provider.

ABOUT SPENCER MANUFACTURING

Founded in 1986 in South Haven, Mich., Spencer Manufacturing is a privately held family business providing specialty upfitting for emergency services vehicles. The company works with municipalities throughout the country to provide customized designs that fit the unique needs of individual fire departments.

ABOUT BOLLINGER MOTORS

Founded in 2015 by Robert Bollinger, Bollinger Motors, Inc. is a U.S.-based company headquartered in Oak Park, Mich. Bollinger Motors is developing all-electric commercial chassis cab trucks, Classes 4-6. In September of 2022, Bollinger Motors became a majority owned company of Mullen Automotive, Inc. (NASDAQ: MULN). Learn more at www.BollingerMotors.com and www.MullenUSA.com.

FORWARD-LOOKING STATEMENT

Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential" and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Bollinger Motors and are difficult to predict. Examples of such risks and uncertainties include: (a) Bollinger Motors' ability to finalize a sales agreement with Spencer Manufacturing, Momentum Group, and EnviroCharge and deliver purchased vehicles on schedule; (b) the continued availability and support for federal commercial vehicle purchasing incentives under the Inflation Reduction Act of 2022; (c) Bollinger Motors' continued partnership with Nacarato Truck Centers, Nuss Truck & Equipment, and LaFontaine Automotive Group; (d) Bollinger Motors' continued partnership with Our Next Energy as a battery supplier; (e) Bollinger Motors' continued partnership with Roush Industries as a contract manufacturer; (f) Bollinger Motors' continued relationship with Syncron as its warranty administration provider; and (g) Bollinger Motors' continued relationship with Amerit Fleet Solutions as its mobile service provider.

Additional examples of such risks and uncertainties include but are not limited to: (i) Bollinger Motors' ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Bollinger Motors' ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Bollinger Motors' ability to successfully expand in existing markets and enter new markets; (iv) Bollinger Motors' ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Bollinger Motors' business; (viii) changes in government licensing and regulation that may adversely affect Bollinger Motors' business; (ix) the risk that changes in consumer behavior could adversely affect Bollinger Motors' business; (x) Bollinger Motors' ability to protect its intellectual property; (xi) the vehicles developed will perform as expected and (xii) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K filed by Mullen Automotive, Inc., of which Bollinger Motors is a partially owned subsidiary, with the Securities and Exchange Commission. Bollinger Motors anticipates that subsequent events and developments may cause its plans, intentions, and expectations to change. Bollinger Motors assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether because of new information, future events, or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Bollinger Motors' plans and expectations as of any subsequent date.