With sale of assets, it's officially the end for Electric Last Mile

Mullen Automotive Inc. has purchased the assets of Electric Last Mile Solutions Inc., marking the end for the Troy-based electric vehicle startup whose spiral started earlier this year.

Brea, Calif.-based Mullen, which is dealing with its own financial struggles, was approved by U.S. Bankruptcy Court District of Delaware to take over the company's manufacturing plant in Mishawaka, Ind., plus its inventory and intellectual property, according to a Wednesday news release.

The stalking-horse bid of "almost $100 million in total consideration" was placed in mid-September followings Electric Last Mile's filing for Chapter 7 bankruptcy liquidation.

The deal also marks the next phase in Mullen's strategy to break into the crowded EV market by piecing together struggling metro Detroit-based startups. Its purchase of Electric Last Mile follows its acquisition of Oak Park-based rival Bollinger Motors last month for $148 million.

"Upon closing the ELMS transaction, the company will be in a position to strategically leverage all its acquired assets to shorten its production path and aggressively expand into the commercial and consumer EV market," David Michery, CEO and chairman of Mullen, said in the release.

The Indiana factory, formerly a Hummer plant, will have capacity to produce 50,000 vehicles annually, according to Mullen. It plans to launch production of its FIVE EV Crossover there in 2024.

Electric Last Mile's demise began in February after the abrupt resignation of two top executives accused of improperly purchasing shares of the company. In the months that followed, the company made sweeping layoffs, halted production plans and ultimately filed for bankruptcy.