Mullen Technologies Signs Letter of Intent to Manufacture Electric Vehicle in New West Plains Facilities

SPOKANE, Wash.–(BUSINESS WIRE)–The West Plains Airport Area Public Development Authority (PDA) and
Mullen Technologies, Inc. of Brea, California, signed a Letter of Intent
(LOI) for the construction of 1.3 million square feet of assembly,
manufacturing, and research & development facilities in the West Plains.

Mullen Technologies is working with the PDA to bring the development of
its Qiantu (pronounced as chee-AHN-too) K50 pure electric
high-performance sports car to the Spokane region with approximately 55
jobs at startup, projected to increase up to 863 jobs by 2026. The
company, through Mullen Energy, has expressed further interest in
bringing its research and development functions related to lithium
batteries for its autos and other uses which would increase the
projected job count to nearly 3,000.

David Michery, CEO and Chairman of the Board for Mullen Technologies,
states: “We are looking forward to working with the West Plains Airport
Area Public Development Authority (PDA), to bring strong wage-earning
jobs to the Spokane region. PDA and Mullen are working very closely as
we introduce the Qiantu K50 all electric sports car to the U.S. market,
along with emerging battery cell technology. The PDA will provide us
with the land and a revenue bond to go vertical, which will allow Mullen
to develop a green energy campus with the quality of life that will help
us in the recruitment of world class engineers.” Mullen Technologies,
Inc. unveiled its new pure electric high-performance sports car at the
International Auto Show in New York last week, drawing significant
attention.

Chair of the PDA and CEO of Spokane International Airport Larry Krauter
stated: “We are very excited about the LOI with Mullen. This
demonstrates the value proposition of the PDA and how it multiplies the
ability of the City, County and Airport to deliver job creation results
that benefit our regional economy by using our infrastructure and
available land assets. This is exactly the role that our community
leaders envisioned for the PDA and the LOI with Mullen is another
example of our efforts to deliver on that vision.”

County Commissioner and PDA Vice Chairman Al French stated: “The
structure of the PDA allows us to construct and lease back facilities
like this so we, as a region, can compete with the rest of the state and
the world for good paying jobs. Projects like this will put Spokane on
the map as the hub for innovation, advanced manufacturing and aerospace
industries.”

Spokane City Council President and PDA Treasurer Ben Stuckart stated:
“This shows that the strong partnership between the City, County and
Airport gets results. Spokane will only continue to get big wins for the
region when we collaborate.”

The launch of the Qiantu K50 is anticipated in the USA in 2020 and is a
partnership with Qiantu Motors. The pure electric high-performance
sports car is capable of 0-60 mph in 4.2 seconds, 125 mph maximum speed
(electronically limited) and a range of approximately 250 miles. With
the innovation Mullen Energy has underway, the lithium batteries
powering the sports car would be 30% lighter and would significantly
increase the overall range of the vehicle.

Under the term of the LOI, the PDA would construct the facilities
including site improvements, rail access and up to 1.3 million square
feet of combined office and manufacturing space and lease the facilities
to Mullen. The PDA is currently working with Mullen to secure an interim
facility of approximately 100,000 sf for their immediate use on the
battery research and development, production and initial assembly of the
sports car.

“We appreciate the proactive support of regional partners like Startup
Spokane and local businessman Terry Dunne who shared the advantages of
the Spokane region with Mullen,” stated Krauter.

About West Plains Airport Area Public Development Authority: The
PDA was created by joint agreements of the City of Spokane, Spokane
County and the Spokane International Airport for the purpose of growing
economic prosperity in the Spokane Region. The PDA was recently an
integral partner in the successful recruitment of the Amazon Fulfilment
center. Other recent announcements include the construction of a North
40 Outfitters retail store, Marriott Springhill Suites, Sleep Inn,
Kenworth Truck Sales, Bush Car Wash and several food establishments.
Significant public investment is also underway in the PDA including the
reconstruction of both Medical Lake and Geiger Interchanges with I-90
and the complete reconstruction of Geiger Boulevard along with utility
infrastructure.

Contacts

Todd Coleman
Tcoleman@WestPlainsPDA.com,
(509) 607-6556
7106 W Will D Alton Lane, Suite 103A,
Spokane, WA 99224