Date of the event: June 15th, 2022
ARRK Corporation (Head office: Osaka, Japan; President: Takayoshi Shimogori, “ARRK”) hereby announces that ARRK Engineering GmbH (Head office: Munich, Germany; President: Stefan DÖMÖK, “AEG”), a subsidiary of ARRK, has entered into a joint development agreement with an emerging electric vehicle (hereinafter “EV”) manufacturer, Mullen Automotive, Inc. (NASDAQ:MULN) (“Mullen”).
ARRK Group (the “Group”) is engaged in the development support business of the Automotive business, and is concentrating and strengthening its management resources with the aim of contributing to the development trend toward EVs for automobiles as well as for gasoline-powered vehicles.
AEG, the core of the Group’s engineering business, employs approximately 1,500 engineers and conducts business activities based on its strength in design and analysis technologies related to automobile development, and aims to become a development-oriented company with a global presence through a growth strategy of business expansion in areas peripheral to automobile development.
Mullen is a Southern California-based automotive company specializing in EV vehicles, with the goal of realizing clean and scalable energy solutions, and is actively pursuing alliances with companies, which will bring business synergies. In addition, Mullen is strengthening its business activities to propose and provide EV vehicles to consumers in the U.S. that meet their lifestyles with the aim of achieving local production for local consumption.
Up to 180 engineers from AEG will support the development of the Mullen FIVE EV Crossover by leveraging their expertise in automotive engineering accumulated through business dealings with leading German automakers, and by providing support activities centered on the design and development of EVs developed by Mullen. Through those activities, we believe we can further accelerate the realization of our group-wide strategy and the growth strategy of AEG.
Starting with the Mullen FIVE crossover, an EV currently being developed by Mullen, AEG and Mullen will jointly develop a lineup of all Mullen EV models to make EV more accessible than ever.
Up to 180 engineers from AEG will support the design and development and contribute to the achievement of Mullen’s development and production schedule by leveraging their expertise in automotive engineering gained through their dealings with leading German automakers, particularly in computer-aided engineering (CAE), white body, battery, interior, and chassis design and development.
ARRK Engineering GmbH
AEG Company Overview
(1) Name of the company ARRK Engineering GmbH
(2) Location Munich, Germany
(3) Our Business Design and analysis related to automobile development
(4) Capital 96 thousand euros
(5) Established April 1967
(6) Shareholder ARRK Corporation 100%.
(7) Number of employees 1,347 (as of December 31, 2021)
Mullen Company Overview
(1) Name of Company Mullen Automotive, Inc.
(2) Location Brea, California
(3) Businesses Electric vehicle manufacturer
(4) Established November 2021 (the former Mullen Technologies Inc. was established in September 2014)
(5) Listed Market NASDAQ capital markets. Listed under stock symbol MULN