Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading higher after the company disclosed new orders for its Mullen ONE, Class 1 commercial EV cargo van from two prominent California universities in Los Angeles and Berkeley.
These orders follow recent acquisitions by other prestigious institutions, including the University of Virginia, the University of North Carolina, and Princeton University.
The orders were fulfilled through Mullen's commercial retail dealer partners, National Fleet Auto Group and Randy Marion Automotive Group.
The surge in demand for Mullen's Class 1 commercial EV cargo van highlights the increasing adoption of clean energy vehicles within U.S. higher education institutions.
David Michery, CEO and chairman of Mullen Automotive, said, "We are thrilled to see leading universities in California, New Jersey, Virginia and North Carolina choose Mullen for their fleet EVs, which further establishes our position in the higher education market."
"We are confident that our commercial EVs will enhance campus operations and contribute significantly to the overall sustainability goals of these institutions."
Yesterday, the company announced that the Bollinger Motors 2025 Bollinger B4 truck qualified for California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP).
Under HVIP, the 2025 Bollinger B4 EV truck, with a suggested MSRP of $158,758, now qualifies for up to a $60,000 cash voucher. When added to the available $40,000 federal tax credit, the net effective cost of the B4 could be less than $59,000.
Price Action: MULN shares are up 7.81% at $2.76 at the last check Wednesday.
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