California's Mullen Automotive (MULN) and Volt Mobility, a United Arab Emirates-based commercial leasing company, have signed a major $210 million deal that will see the former deliver 3,000 Class 1 and Class 3 EV cargo vans and trucks to Volt over the course of 16 months. Mullen is receiving a $3 million deposit within 60 days and the first batch of vehicles will be shipped overseas immediately.
For its part, Volt says it will begin leasing those battery-electric vehicles (BEVs) to its current clients, which include UPS, DHL, and FedEx, throughout the Gulf Cooperation Council (GCC) region. This includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).
“Volt is reshaping the way people and businesses move across the UAE and GCC,” said David Michery, CEO and chairman of Mullen Automotive. “This landmark agreement provides Mullen with exposure to leading global transportation companies and the opportunity for utilizing Mullen EVs across the UAE and other areas of the Middle East.”
[Related: Mullen EV cargo van gets CARB approval]
The UAE, like most other countries, is currently undergoing a major clean energy transition. It's seven years into a plan aimed at decarbonizing its infrastructure and energy production. The Emirate's Clean Energy Strategy 2050 and Net Zero Carbon Emissions Strategy 2050 seek to generate 100% power from clean energy sources by 2050. In addition, Dubai's Roads and Transport Authority has initiated a long-term strategy to migrate towards net-zero emission pubic transport by 2050.
Founded in 2020, Volt Mobility has quickly become one of the largest commercial EV leasing companies in the Middle East. Its existing portfolio consists of 17 models in the light-, medium-, and heavy-duty electric vehicle segments. It then leases those vehicles under long-term contracts.
“At Volt, we don’t just follow trends; we set them. Our mission is clear: lead the transformation to sustainable, efficient and cutting-edge transportation,” said Sophia Nau, managing director and CFO for Volt Mobility.
Mullen's EV commercial vehicle lineup is extensive, consisting of the ONE Class 1 EV cargo van, the THREE Class 3 EV cab chassis truck, and the Bollinger B4 Class 4 and Bollinger B5 Class 5 EV cab chassis trucks from its subsidiary, Michigan-based Bollinger Motors.
[Related: Bollinger Motors announces B4 chassis cab production start date]
