Loop to offer up to $300 million in available financing via its Loop-as-a-Service program to deploy Level 2 and Level 3 DC public charging stations across the Mullen Charging Network Powered By Loop
Mullen and Loop will provide turnkey, co-branded intelligent electric vehicle charging technology, accelerating the expansion of the charging infrastructure in the USA
Mullen announced today that it has entered into a definitive agreement with Loop Global Inc. (“Loop”), a full-service EV charging solution provider, to build the next generation of public and private EV charging technology, infrastructure and network solutions.
The partnership will combine Mullen Automotive’s expertise in electric vehicle design and engineering with Loop’s expertise in electric vehicle charging infrastructure to offer a comprehensive solution for businesses, municipalities and residential EV drivers looking to deploy seamless and reliable EV charging stations.
Mullen EV Charging Network Powered by Loop will support both level 2 and level 3 DC fast charging. The turnkey solution will include everything from site assessment and design to installation and ongoing operation. It will also feature cutting-edge technology such as fast-charging capabilities and smart charging technology.
In addition, the companies are teaming up to finance and/or own and operate EV charging infrastructure through Loop’s unique financing program, called the Loop Impact Fund. Further, Loop-as-a-Service (“LaaS”) payment options provide Mullen EV Charging Network customers with a no Capex budget solution for the turnkey installation of EV charging infrastructure at $0 down, utilizing a portion of the estimated monthly charging revenue to pay for the upgrades over a fixed term.
“Our partnership with Loop will not only enable us to provide turnkey EV charging solutions to our customers, but also the Loop Impact Fund commitment is an opportunity to provide our customers with potential cash flow-positive alternative financing when implementing the Mullen EV Charging Network Powered by Loop. In addition to being highly strategic, this partnership aligns with our goal of end-to-end efficiency to make owning a Mullen EV much more user-friendly,” said David Michery, chairman and CEO of Mullen.
“Loop Global is thrilled to partner with Mullen Automotive to offer turnkey electric vehicle charging solutions,” said Dustin Cavanaugh, CEO of Loop Global. “Our combined teams are dedicated to providing the most comprehensive technology and services to support the transition to electric transportation, and we are excited to work with Mullen Automotive to make that vision a reality.”