California-based Mullen Technologies has renewed its letter of intent with S3R3 Solutions following a new round of funding that will go toward building an electric car manufacturing facility on the West Plains.
At a board meeting Thursday, S3R3 Solutions – formerly the West Plains Public Development Authority – approved the revised letter of intent with Mullen Technologies that calls for the agency to build and lease 1.3 million square feet of assembly and manufacturing space for the company’s Dragonfly K50 electric sports car.
The manufacturing and assembly facility for the Dragonfly K50 electric car would create 55 jobs at initial startup and is projected to add 863 jobs by 2026, according to officials. Mullen Technologies, through Mullen Energy, also has expressed interest in bringing in research and development for lithium-ion batteries, which would create up to 3,000 jobs.
Mullen Technologies recently entered a $135 million financing agreement with Axiom Financial that will go toward acquiring an existing electric vehicle plant and paying the more than $50 million deposit required in the letter of intent to build the West Plains manufacturing facility.
The company intends to meet requirements of its letter of intent with S3R3 Solutions by late this year. It anticipates starting Dragonfly K50 assembly and development of the car’s battery packs in a 500,000-square-foot facility that will span an additional 800,000 square feet as battery production expands, according to a news release.
“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,” Al French, Spokane County Commissioner and S3R3 Solutions board chairman, said in a statement.
S3R3 Solutions will lease the land from the Spokane International Airport to build the facility near Thorpe and Craig roads. The project is to be financed through a revenue bond that would be paid back through the lease agreement with Mullen Technologies.
Mullen Technologies, a privately held company, also signed a letter of intent last month to merge with Miami-based Net Element, an electronic payment technology company. The reverse merger, a process in which a privately held company takes control of a publicly traded company, would allow Mullen Technologies to acquire Net Element and bypass what can be a somewhat lengthy process of going public on its own.
The merger is anticipated to occur in the third quarter, pending stockholder and board approval.
Mullen Technologies expects to launch the Dragonfly K50 in the first half of 2021, according to a company release.
Mullen Technologies did not respond to a request for comment about the project’s status or timeline.
The company has several subsidiaries, including Mullen Auto Sales, a group of preowned auto dealerships in California and Arizona; CarHub, a digital platform for buying and selling cars; Mullen Energy, a division that focuses on advancing battery technology; and Mullen Finance Corp., which offers vehicle leases and loans.
Mullen’s subsidiary, Smart 8 Energy, began sourcing ventilators, COVID-19 antibody and virus test kits and personal protective equipment during the coronavirus pandemic.