Mullen Automotive’s Bollinger B4: A Strategic Move to Dominance in EV Infrastructure?

Mullen Automotive’s subsidiary, Bollinger Motors, has taken a significant step forward in its mission to redefine commercial electric vehicle (EV) infrastructure. The company recently delivered its first 2025 Bollinger B4 electric truck to EnviroCharge, a veteran-owned charging infrastructure firm, marking the start of a partnership aimed at deploying mobile Level 3 charging units. This move underscores Bollinger’s growing influence in the EV sector and raises intriguing questions about its potential as an investment.

The Strategic Partnership with EnviroCharge

The B4, an all-electric Class 4 truck designed for commercial fleets, is being repurposed by EnviroCharge to deliver 120-kilowatt mobile charging solutions. This application directly addresses a critical gap in EV infrastructure: the lack of reliable on-the-go charging for long-haul trucks and fleets. The first converted unit will debut at the Advanced Clean Trucking (ACT) Expo 2025 in Anaheim, California—a high-profile platform to showcase the vehicle’s viability.

The partnership benefits both companies: EnviroCharge gains a versatile, durable platform for its charging services, while Bollinger establishes itself as a leader in specialized EV applications. “The B4’s performance and adaptability make it ideal for our mission to expand EV charging access,” said EnviroCharge CEO Charlie Stockton, highlighting the truck’s 158-kWh battery and rugged design.

Incentives and Cost Advantages

Bollinger’s B4 qualifies for substantial federal and state incentives, a key factor in its commercial appeal. For instance:
- Federal IRA incentives: Up to $40,000 per vehicle.
- California’s ISEF Pilot Program: Up to $120,000 per vehicle.
- New York’s NYTVIP program: Up to $100,000 per vehicle.

These subsidies reduce upfront costs for customers, making the B4 competitive against traditional diesel trucks and rival EVs. With 50 units already confirmed for delivery to EnviroCharge (verified by third-party GreenCert), the company is poised to capitalize on growing demand for EV infrastructure solutions.

Dealer Network Expansion and Production Momentum

Bollinger’s dealer network has expanded rapidly, from 50 locations in late 2024 to over 50 nationwide by early 2025. This growth, paired with production ramp-ups via manufacturing partners like Roush Industries, has enabled Bollinger to deliver 25 B4 trucks by December 2024—generating $4.1 million in revenue. By mid-2025, the company aims to deploy 50 EnviroCharge units and 80 trucks to Momentum Group, signaling strong demand.

Mullen’s broader strategy—combining Bollinger’s commercial trucks with its own light-duty EVs (e.g., the Mullen ONE van)—creates a cohesive product lineup targeting fleets, municipalities, and logistics companies. With manufacturing hubs in Mississippi and Indiana, the company is well-positioned to serve U.S. markets while leveraging regional incentives.

Risks and Challenges

Despite its progress, Bollinger faces hurdles. A March 2025 recall of the B4’s charging module, attributed to a software glitch, highlights potential quality-control issues. While this recall does not directly impact delivery timelines, it underscores the need for robust post-production testing. Additionally, federal and state incentive programs are subject to change, which could affect long-term profitability.

Conclusion: A Growing Player in a Booming Market

Mullen’s Bollinger B4 is positioned to thrive in the EV infrastructure boom. Key drivers include:
1. Strategic Partnerships: The EnviroCharge deal exemplifies Bollinger’s ability to adapt its trucks to specialized uses, creating recurring revenue streams.
2. Incentive-Fueled Growth: Federal and state subsidies reduce customer costs, accelerating adoption.
3. Dealer Network Scale: Over 50 dealers and partnerships with major fleet managers (e.g., Momentum Group) ensure broad market penetration.

While risks like recalls and regulatory shifts persist, Bollinger’s early momentum—50 units delivered to EnviroCharge, 120-kW charging capacity, and a presence at the ACT Expo—suggests the company is on track to solidify its EV leadership. For investors, Mullen (MULN) offers exposure to a niche but critical segment: commercial EVs and infrastructure. With a stock price up 30% year-to-date (as of early 2025) compared to Tesla’s 15% rise, MULN could outperform as the EV transition accelerates.

In a market where EV infrastructure is the next frontier, Bollinger’s B4 is more than a truck—it’s a mobile solution to a pressing problem. For investors willing to look beyond headline names like Tesla, Mullen’s progress may represent a compelling opportunity.