Mullen and hofer powertrain to start key development and manufacturing of designated EV systems and components for the complete electric powertrain of Mullen's lineup of electric vehicles, including the Mullen FIVE EV Crossover, ONE EV Fleet Van, and DragonFLY EV Sportscar.

BREA, Calif., Sep. 23, 2021– via InvestorWire – Mullen Technologies Inc. (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, which previously announced a definitive agreement to merge with Net Element, Inc. (NASDAQ: NETE), announces today that it has entered into a letter of intent (LOI) with hofer powertrain GmbH ("hofer powertrain") to partner in the development and manufacturing of electric drive systems and components for Mullen's EV lineup, along with a high-performance powertrain for the DragonFLY, to deliver unprecedented performance in the market.

hofer powertrain is a renowned Tier 1 engineering service provider and system supplier specialized in efficient powertrain solutions. As an established and independent partner of the automotive industry with an experienced team of experts specializing in the development, industrialization, and production of powertrain systems, hofer powertrain has been providing technologies and products to companies worldwide for over 40 years.

"hofer powertrain is a pioneer in providing efficient powertrain solutions, building some of the highest-performing and best-built drivetrains in the industry, which will give Mullen a competitive advantage over others. Their approach to quality and craftsmanship is well above other Tier 1 OEM suppliers,” said David Michery, CEO and chairman of Mullen. "We are very happy to be working with them and are looking forward to a successful partnership.”

"hofer powertrain will ensure that Mullen EVs will achieve outstanding overall energy efficiency by developing, industrializing and manufacturing cutting-edge electric powertrain systems for their electric vehicle lineup," said Johann HOFER, CEO of hofer powertrain. "Based on our common goals, I am confident that we will have a successful and long-lasting collaboration with Mullen."

About Mullen Technologies:

Mullen Technologies is a Southern California-based, licensed vehicle manufacturer that operates in various verticals of the businesses focusing on the automotive industry: Mullen Automotive, Mullen Energy, Mullen Auto Sales, Mullen Funding Corp., and CarHub. Each of these divisions provides Mullen with the diversity of different products and services within the automotive industry. For more information, please visit www.MullenUSA.com.

About hofer powertrain:

hofer powertrain is the system supplier of efficient powertrain solutions in the fields of electrification and hybridization. As an established and independent partner of the mobility industry, hofer powertrain has been providing pioneering technologies and products to companies worldwide for over 40 years, accomplished by experienced teams of experts specialized in the design & development, industrialization and production of powertrain systems. For more information, please visit www.hofer.de.

Forward-Looking Statements
This press release contains "forward-looking statements." Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, often signify forward-looking statements. These forward-looking statements include, without limitation, statements relating to the proposed production date of the Mullen FIVE (previously MX-05) midsize and perceived advantages and future deployment of the solid-state polymer battery technology. These forward-looking statements are, by their nature, subject to significant risks and uncertainties.

Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on information that the Company has when those statements are made or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including any changes in the laws, rules, and regulations relating to any aspects of the Company's business operations, general economic, market and business conditions, including capital market developments, the actions and developments of the Company's competitors and the effects of competition in the EV industry on the demand for, and price of, the Company's current and proposed products and services, various business opportunities that the Company, and factors beyond the Company's control. As a result of these and other risks, uncertainties, and assumptions, forward-looking events and circumstances discussed herein might not occur in the way the Company expects, or at all. Accordingly, you should not place reliance on any forward-looking information or statements. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise. All forward-looking statements herein are qualified by reference to the cautionary statements set forth in this section.

Contact:

Mullen Technologies, Inc.
+1 (714) 613-1900
www.MullenUSA.com