Mullen Automotive, Inc. (NASDAQ: MULN), today announced they acquired battery pack production assets from Romeo Power for an estimated $3.5 million. The acquisition encompasses essential equipment, inventory, and intellectual property, positioning Mullen to take a commanding stance in high-volume EV battery pack and module manufacturing.
The Romeo Power assets being integrated into Mullen’s operations comprise cutting-edge production lines dedicated to EV pack assembly and meticulous research and development of modules and packs. These assets come complete with associated inventories, as well as critical battery testing and validation equipment. The deal also includes computer numerical control (CNC) equipment essential for battery pack and module enclosure production, along with all associated furniture and fixtures.
By bringing these assets into its fold, Mullen is taking significant strides towards achieving self-sufficiency in battery pack production. This move diminishes the company’s reliance on third-party suppliers, thereby mitigating the risks associated with supply chain disruptions and component shortages.
These acquired assets will soon find their home at Mullen’s high-voltage facility in Monrovia, California. This strategic location integration is set to optimize cost efficiency while bolstering the company’s existing battery pack production capabilities.
David Michery, CEO and chairman of Mullen Automotive, emphasized the significance of this acquisition, stating, “Purchasing the Romeo assets is consistent with our battery pack production path and previous announcements for our high-voltage facility in Monrovia. Overall, this purchase further enhances our capabilities for battery pack production right here in California and the U.S.”