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BOLLINGER MOTORS ALL-ELECTRIC BOLLINGER B4 NOW ELIGIBLE FOR NEW YORK INCENTIVE

MULN | 2 hours ago

NYTVIP, other Northeast state incentives can provide up to an additional $100,000 credit to Bollinger Motors customers

OAK PARK, Mich., Nov. 7, 2024 /PRNewswire/ -- Bollinger Motors today announced it is now eligible for New York state's New York Truck Voucher Incentive Program (NYTVIP), an incentive for commercial electric vehicles from the New York State Energy and Research Development Authority (NYSERDA).

New York is the fourth state incentive in the Northeast which Bollinger Motors has qualified for, including:

Massachusetts: voucher up to a $30,000 from Massachusetts Offers Rebates for Electric Vehicles (MOR-EV)
New Jersey: voucher up to $90,000 from New Jersey Zero Emission Incentive Program (NJ ZIP) through the New Jersey Education Development Authority (NJEDA)
New York: up to $100,000 from NYTVIP through NYSERDA; and
Pennsylvania: up to a $20,000 grant from Alternative Fuels Incentive Grant Program (AFIG) the Pennsylvania Department of Environmental Protection.

The 2025 Bollinger B4 Chassis Cab is an all-new, all-electric Class 4 commercial truck designed from the ground up with extensive fleet and upfitter input. Bollinger's unique chassis design protects the 158-kilowatt-hour battery pack and components to offer unparalleled capability and safety in the commercial market.

"We applaud the states in the Northeast who are working hard to create more sustainable transportation options," said Jim Connelly, chief revenue officer for Bollinger Motors. "The commercial fleet market is primed for electrification, and the incentives available in the Northeast will accelerate the adoption of this important technology."

In addition to state incentives, the Bollinger B4 Chassis Cab has qualified for federal clean vehicle tax credits under the Inflation Reduction Act ("IRA") of $40,000 per vehicle. The state incentives coupled with the IRA can offer Bollinger Motors Northeast customers between $70,000 and $140,000 in incentives.

"The financial incentives combined with the versatility of the class-4 B4 to perform a variety of duty cycles creates incredible value for our customers," Connelly said. "The B4 is a world-class, highly engineered vehicle that is capable and durable. It is well suited for urban driving. It will be an important part of many commercial fleets moving forward."

Bollinger Motors has passed numerous milestones in the past several months, including:

Its production launch on Sept. 16;
Regulatory achievements including FMVSS compliance, receiving the Certificate of Conformity from the Environmental Protection Agency, and CARB certification;
A 145-vehicle sale to Momentum Group;
A 70-vehicle sale to Doering Fleet Management;
A 50-vehicle sale to EnviroCharge;
The addition of Anderson Motors, TEC Equipment, Affinity Truck Center, Nacarato Truck Centers, Nuss Truck & Equipment, and LaFontaine Automotive Group as dealers and service centers;
Working with Our Next Energy in Novi, Michigan, to supply battery packs;
Providing a full warranty coverage of the B4 chassis cab; and,
Announcing Syncron as its warranty administration partner and Amerit Fleet Solutions as its mobile service provider.

ABOUT BOLLINGER MOTORS
Founded in 2015 by Robert Bollinger, Bollinger Motors, Inc. is a U.S.-based company headquartered in Oak Park, Michigan. 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 Doering Fleet Management, EnviroCharge, and Momentum Groups and deliver purchased vehicles on schedule; (b) Bollinger Motors' continued partnership with Anderson Motors, Affinity Truck Center, Nacarato Truck Centers, TEC Equipment, Nuss Truck & Equipment, and LaFontaine Automotive Group as dealers and service centers; (c) Bollinger Motors' continued partnership with Our Next Energy as a battery supplier; (d) Bollinger Motors' continued relationship with Syncron as its warranty administration provider; (e) Bollinger Motors' continued relationship with Amerit Fleet Solutions as its mobile service provider; (f) the ability of Bollinger Motors and its dealer partners to sell the Bollinger B4 to customers at suggested retail value; and (g) the actual incentive values Bollinger Motors' customers can successfully qualify for and earn.

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.