What you need to know:
- The company is no longer under court-appointed receivership after Mullen Automotive increased its ownership stake in Bollinger Motors to 95%.
- This move settled claims from Robert Bollinger, the company’s founder, who had filed a lawsuit related to a $10.5 million personal loan he made to the company.
- Mullen CEO David Michery replaces Bryan Chambers as CEO of Bollinger Motors and now leads both companies.
- Despite financial difficulties and receivership, Bollinger Motors has continued production, sales, customer service, and dealer support, focusing on sustainable transportation and fleet electrification.
In an official statement, Bollinger Motors has confirmed its emergence from receivership as parent company Mullen Automotive increased its ownership stake to 95%, effectively settling all claims with Bollinger founder Robert Bollinger's lawsuit. Above all, the moved saved Mich.-based Bollinger Motors from potential financial ruin.
Clean Trucking confirmed earlier this week that Mullen CEO David Michery has replaced Bryan Chambers as Bollinger CEO. Michery will be CEO of both companies.
[Related: Mullen Automotive boosts stake in Bollinger Motors, settles with Robert Bollinger]
"Vehicle sales and customer service remained the top priority for Bollinger Motors throughout the receivership process, and I commend the team for continuing to gain momentum, even during this distraction," said Michery, "We look forward to putting this chapter in the rearview mirror and continuing to help customers find more sustainable transportation options. We are focused on the shared vision of both Mullen Automotive and Bollinger Motors to help electrify fleets with world-class vehicles and industry-leading customer and dealership support. Our optimism for Bollinger Motors and its current and future products and prospects has never wavered."
As a recap, Mich.-based Bollinger Motors, founded in 2015 by Robert Bollinger who served as CEO until last summer, was placed in receivership and had its assets frozen last month by a federal judge following a lawsuit filed in March by Mr. Bollinger, who provided the company with a $10.5 million personal loan to help boost B4 production. The loan had an annual 15% interest rate but the company missed a $125,000 payment in February.
The company said it repaid Mr. Bollinger but he claimed the amount did not satisfy the loan's terms.
That's when Calif.-based Mullen stepped in. Mullen Technologies purchased a $148 million controlling interest in Bollinger Motors in September 2022. Increasing its stake to 95% effectively secures Bollinger's future, which includes the launch of the larger B5 battery-electric commercial truck, due in 2026.
B4 chassis cab production, sales and services, and dealer and customer support remains ongoing with business as usual.
[Related: Explore the Bollinger Motors B4 Chassis Cab like never before]
"In the past several weeks our message to customers and dealers is that we are open for business, focused on our customers and optimistic about our future," said Jim Connelly, Chief Revenue Officer for Bollinger Motors. "The market for commercial EVs is full of opportunity and we continue to deliver world-class vehicles to help customers meet their fleet electrification needs."
