Bollinger Innovations Inc (BINI) is an electric vehicle company, operating through its Bollinger Motors subsidiary, that designs and sells all-electric commercial trucks in Class 4 through Class 6 medium-duty segments. Revenue is generated through vehicle sales transacted via an OEM-dealer network model, where authorized commercial truck dealers handle both retail and government sales. Bollinger Motors is a majority-owned subsidiary of Mullen Automotive (NASDAQ: MULN), which acquired a 60% controlling interest in September 2022 for $148.6 million in cash and stock, subsequently increasing to approximately 68% on a fully diluted basis as of January 23, 2025. The company has a network of more than 50 dealership locations nationwide as of December 31, 2024, with plans to grow to 100-plus locations in 2025. Bollinger Motors has a limited operating history, has not yet manufactured or sold a significant number of vehicles, and has disclosed going concern doubt in its FY2024 10-K filing dated January 24, 2025.

Revenue model

Vehicle sales through an OEM-dealer network. Authorized commercial truck dealers transact sales to commercial and government customers. Government sales are handled through the dealer network and a partnership with RRDS, with access to the Sourcewell government procurement portal.

Products and services

All-electric commercial trucks in Class 4-6 medium-duty segments. Parent company Mullen Automotive also produces Class 1 and Class 3 commercial EVs. Battery development capabilities include the Legions and Hermes battery systems acquired from Romeo Power in September 2023 for $3.5 million. A semi-solid-state battery is in development for the Class 3 vehicle line, with early testing completed on the Class 1 vehicle in March 2024.

Customers and end markets

Commercial fleet operators and government buyers. Government sales accessed via the Sourcewell procurement portal and RRDS partnership. International distribution agreement signed in August 2024 with Volt Mobility for the UAE market, covering up to 3,000 Class 3 commercial EVs at preferred wholesale pricing.

Value-chain role

OEM vehicle manufacturer selling through an authorized dealer network. Servicing handled through contracted dealers and a partnership with Amerit Fleet Solutions for nationwide mobile and facility-based service. Battery manufacturing conducted in-house at a 122,000 square foot facility in Fullerton, California, acquired via Romeo Power asset purchase.

Geographic exposure

United States nationwide dealer network with more than 50 locations as of December 31, 2024. California-based operations including battery facility in Fullerton and vehicle manufacturing. International distribution agreement for the UAE region signed August 2024.

Source: SEC 10-K, filed 2025-01-24

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