Mullen Automotive, an emerging electric vehicle (EV) manufacturer, announced the purchase of battery pack production assets from Romeo Power for approximately $3.5 million. The deal includes equipment, inventory and intellectual property for high volume EV battery pack and module production.
Last week, the Nasdaq stock exchange threatened to delist Mullen Automotive, after the company’s minimum bid price dropped below $1.
The Romeo Power assets include production lines for EV pack assembly and precision R&D module and pack development with associated inventory allowing for production of modules and vehicle battery packs. This also includes battery testing and validation equipment, computer numerical control equipment for battery pack and module enclosure production.
The Romeo assets will be transferred to Mullen’s high-voltage facility in Monrovia, Calif.
“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.,” said David Michery, CEO and chairman of Mullen Automotive.