Mullen Technologies Receives LOI for Purchase of 1,500 MX-05 Electric Vehicles | Financial Buzz

Mullen Technologies Receives LOI for Purchase of 1,500 MX-05 Electric Vehicles

Mullen Technologies Inc., an electric vehicle manufacturer that previously announced a definitive agreement to merge with Net Element, Inc. (NASDAQ: NETE) in a stock for stock reverse merger reported today that the company has executing a none binding LOI with Unlimited electric Contractors Corp. to enter a definitive agreement for the purchase of up to 10,000 MX-05 electric vehicles. 

UEC is focused on being the first electrical contractor with an all electric service fleet and plans on executing a definitive agreement with the company to purchase 1,500 MX-05 electric vehicles for its Florida operations.  It plans to follow up to an additional 8,500 by 2025 for its U.S. West Coast expansion.  The initial purchase order is estimated at USD 75 Million.  The vehicles are based on a modified variant of the MX-05, an electric crossover SUV based on a skateboard EV platform and a unibody frame that comes in a single or dual electric motor configuration. 

“We’re very excited to work with UEC and are very fortunate that they see the value in Mullen and the MX-05 for their business. UEC’s order is the first of many commercial fleet relationships we are currently working on. The skateboard platform and low center of gravity of the MX-05 allows us to easily configure the vehicle for many different types of commercial trade use,” said David Michery, CEO and Chairman of Mullen Technologies.

“We are pleased with the newly designed Mullen MX-05 SUV and are very excited to be working with Mullen on electrifying our fleet of service vehicles,” commented Mark Petrich, CEO of Unlimited Electrical Contractors.