- Mullen extends LOI with S3R3 Solutions to assemble electric vehicles, manufacture electric vehicle batteries in Washington
- Plan calls for 1.3 million square feet of assembly, manufacturing, R&D facilities
- NETE, Mullen merger will make Mullen a publicly traded company, provide access to capital
Mullen Technologies recently announced that it has extended its letter of intent for the acquisition of a 1.3-million-square-foot electric vehicle manufacturing facility. The progression of this acquisition bodes well for Net Element (NASDAQ: NETE), a company which operates a payments-as-a-service transactional and value-added services platform. NETE recently entered an agreement (subject to definitive agreement, fairness opinion, shareholder and board approval) to merge with Mullen Technologies Inc., a Southern California-based electric vehicle company and owner of the proposed plant, which is slated for construction just outside of Spokane.
The news broke with the announcement that Mullen had extended a letter of intent with S3R3 Solutions to assemble electric vehicles and manufacture electric vehicle batteries in the West Plains, WA, area (http://ibn.fm/zgqrX). The LOI outlines plans for 1.3 million square feet of assembly, manufacturing and research and development facilities.
“Mullen’s vision is to begin assembly of electric vehicles and development of its battery packs in an initial facility of 500,000 square feet and expand into an addition 800,000 square feet as its battery production expands,” the announcement stated. “The proposed site would be leased by Spokane International Airport to S3R3 who would finance and build the facility through the use of a revenue bond. Mullen anticipates meeting the requirements of the LOI by late 2020, which would allow the planning, financing, permitting and construction of the facility to initiate. Chair of the S3R3 Board and County Commissioner Al French stated ‘S3R3 Solutions has proven its ability to streamline projects. and we stand ready to deliver on the Mullen project to bring hundreds if not thousands of jobs to the Spokane region.’” S3R3 Solutions is the Public Development Authority managing development in the West Plains Airport Area of Spokane.
According to a recent “Journal of Business” article, Mullen CEO and founder David Michery says work on the facility, which could employ up to 4,000 people in the future, might start as early as September (http://ibn.fm/C8bVo). The company is currently focused on obtaining sufficient funding for the project.
As part of those efforts, the statement noted, “Mullen Technologies has agreed to merge with Net Element (NASDAQ: NETE), a publicly traded company. The reverse merger, if approved and consummated, will make Mullen a publicly traded company, which will provide access to capital per CEO of Mullen Technologies David Michery. Mullen has also recently announced the execution of a Letter of Intent with Axiom Financial for $135 million in funding to acquire an existing electric vehicle manufacturing plant and for the deposit required by the Letter of Intent with S3R3 Solutions.”
Net Element Inc. operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise (“SME”) in the United States and selected emerging markets. In the U.S., NETE aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, its cloud-based, restaurant and retail point-of-sale solution. Internationally, Net Element’s strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest-growing companies in North America on Deloitte’s 2017 Technology Fast 500(TM).
For more information, visit the company’s website at www.NetElement.com.
NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE
