California Issues HVIP Approval, Granting Bollinger Motors, Class 4 EV Truck a $60,000 Cash Voucher Per Vehicle Sold

Under HVIP, the Bollinger B4 electric truck, with a suggested MSRP of $158,758, now qualifies for a rebate of up to $60,000

When combined with the available $40,000 federal tax credit, the net effective cost of the Bollinger B4 would be less than $60,000

OAK PARK, Mich., Nov. 18, 2024 /PRNewswire/ -- Bollinger Motors, Inc. ("Bollinger Motors"), a commercial electric vehicle ("EV") manufacturer, announced today it has qualified for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP), the California state incentive for commercial EVs. When combined with Inflation Reduction Act incentives, California-based customers can now qualify for incentives up to $100,000.00 per vehicle.

"HVIP certification is another important milestone in our journey to grow our commercial truck electric vehicle market share," said Jim Connelly, chief revenue officer of Bollinger Motors. "California has taken a leadership role in creating a market for commercial electric vehicles and will be a critical market for the B4. California and Bollinger Motors share a vision for more sustainable transportation options."

HVIP provides point-of-sale incentives for clean trucks and buses to power California communities and drive commercial technology transformation. To date, the program has funded more than 12,000 clean vehicle purchases.

The 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. The vehicle has a range of 185 miles, and a payload of 7,394 lbs. Bollinger's unique Quad-Bend chassis design protects the 158-kwh battery pack and components to offer unparalleled capability and safety in the commercial market. The Bollinger B4 is an excellent fit for commercial fleets looking for a world-class truck, capable of performing a variety of job functions.

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

• Production launch on Sept. 16;
• Regulatory achievements including FMVSS compliance, receiving the Certificate of Conformity from the Environmental Protection Agency, and CARB certification;
• An agreement for 145-vehicles to Momentum Group;
• An agreement for 70-vehicles to Doering Fleet Management;
• An agreement for 50-vehicles 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 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 Nacarato Truck Centers, 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 partnership with Roush Industries as a contract manufacturer; (e) Bollinger Motors' continued relationship with Syncron as its warranty administration provider; and (f) 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.

SOURCE Bollinger Motors