Mullen Automotive Expands into Higher Education with Princeton University EV Sale

Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle (EV) manufacturer, has made a significant stride in its market expansion by selling its Mullen THREE Class 3 EV box truck to Princeton University's facilities operations unit. This sale not only represents Mullen's growing presence in the higher education sector but also aligns with Princeton's ambitious sustainability goals, including achieving zero emissions for on-campus university service vehicles.

The Mullen THREE, a versatile electric vehicle, was chosen by Princeton University not just for its zero-emissions operation but also for its overall adaptability to campus operations. The vehicle is expected to play a crucial role in supporting the university's daily functions while contributing to its broader environmental initiatives.

David Michery, CEO and chairman of Mullen Automotive, expressed pride in collaborating with Princeton University, stating, "We are proud to work with Princeton in their journey towards a net-zero carbon emissions campus." Michery emphasized the significance of this purchase, noting it as a milestone in Mullen's expansion into the higher education market.

The sale was facilitated through Mullen's nationally recognized EV dealer partner, Pritchard EV, showcasing the company's strong distribution network and ability to fulfill orders for prestigious institutions.

This development comes at a time when Mullen Automotive is experiencing significant growth and recognition in the EV industry. In August 2023, the company began commercial vehicle production at its Tunica, Mississippi plant, spanning 120,000 square feet. Additionally, Mullen operates a 650,000-square-foot facility in Mishawaka, Indiana, underlining its commitment to U.S.-based manufacturing.

Further bolstering its market position, Mullen received IRS approval for federal EV tax credits on its commercial vehicles in September 2023. This Qualified Manufacturer designation offers eligible customers up to $7,500 per vehicle, making Mullen's EVs more accessible and attractive to potential buyers.

As of January 2024, both the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck, have received certification from the California Air Resource Board (CARB) and the Environmental Protection Agency (EPA). This certification allows for the sale of these vehicles across the United States, opening up significant market opportunities for Mullen.

The sale to Princeton University not only demonstrates Mullen's ability to meet the needs of prestigious educational institutions but also highlights the growing demand for electric vehicles in various sectors. As universities and other organizations increasingly focus on sustainability and reducing their carbon footprint, EV manufacturers like Mullen are well-positioned to provide solutions that align with these goals.

This transaction may serve as a catalyst for other higher education institutions to consider transitioning their campus vehicle fleets to electric options, potentially leading to a broader adoption of EVs in educational settings. It also underscores the importance of partnerships between EV manufacturers and educational institutions in driving sustainable transportation solutions and supporting environmental initiatives on campuses nationwide.

As Mullen Automotive continues to expand its presence in the higher education sector and beyond, this sale to Princeton University marks a significant step in the company's growth strategy and its contribution to sustainable transportation solutions.