Mullen Automotive Inc (NASDAQ: MULN) is heating up and getting noticed and has been on the move in recent weeks since reversing off $0.75 lows in May. MULN has been on a tear since the Company announced that Mullen’s solid-state polymer battery testing with the Battery Innovation Center (BIC) in Indiana far exceeded expectations. Testing results from BIC show the solid-state polymer cell, rated at 300 Ah and 3.7 volts, tested in at 343.28 Ah at 4.2 volts, solidifying a big future for solid-state batteries. It is expected that with this technology, when scaled to the vehicle pack level, a 150-kilowatt hour solid-state battery can deliver over 600 miles of range on a full charge for the Mullen FIVE EV Crossover, a quantum leap over current lithium-ion battery systems. The Company states they are looking for a $2 billion market valuation. MULN saw a significant drop into and after the close on Wednesday.
Since going public and initially skyrocketing to $16 Mullen has been executing on its business plan; they purchased an advanced manufacturing and engineering center with plans to build out another 1.2 million square feet of manufacturing space, they increased their reservation limit for the Mullen FIVE EV Crossover to 25,000 reservations proving they are ready to sell over 25,000 vehicles, they announced they are on track to start delivery of their vans Fleet in Q2, 2022 which will bring in some $60 million in short term revenues, they announced partnerships with ARRK, DURR and DSA and a partnership with Comau to develop a body shop for the MULN EV.
Mullen Automotive Inc (NASDAQ: MULN) operates a Southern California-based electric vehicle company that operates in various verticals of businesses focused within the automotive industry. The Company has two electric vehicles under development, one of which we expect to begin delivery of in the second quarter of 2024. Mullen has several divisions that operate synergistic businesses, being: CarHub, a digital platform that leverages artificial intelligence to offer an interactive solution for buying, selling and owning a car, and Mullen Energy, a division focused on advancing battery technology and emergency point-of-care solutions. Mullen has recently announced a string of key partnerships with hofer powertrain, Comau, ARRK, Dürr and DSA Systems for EV powertrain, engineering, manufacturing, vehicle production systems, and Over the Air (OTA) and vehicle system diagnostics, respectively Mullen owns 7 trademarks that are registered with the United States Patent and Trademark Office, plus 42 trademarks registered across the foreign jurisdictions of China, the EU, Hong Kong, Israel, Mexico, South Korea, and Singapore. The Company has 5 patents issued in the United States, and 7 patents pending. At foreign patent offices, Mullen has 7 patents issued and 117 patents pending.
The Company’s flagship, the Mullen FIVE represents Mullen Automotive’s entry into the full-electric, mid-size luxury SUV market. The Mullen FIVE is competitively priced starting at $55,000 – for the United States market before federal and state incentives are applied. Offering at least two optional packages, with a price range from a base price of $55,000 to $75,000 (for additional features), will allow customers to purchase a vehicle with options that best fit their budgetary and performance needs. Product validation is expected to begin in the 4th quarter of 2023 with the first sellable vehicles available in the fourth quarter of 2024. The Mullen FIVE is expected to deliver an electric range up to 325 miles will reach 0 to 60 in 3.2 seconds with a max speed of 155 miles per hour. The Mullen FIVE also delivers fast charge times from 0 to 80% (260 miles of range) in just 21 minutes. Level 2.5 Advanced Driver Assistance System. U.S. Designed, Engineered & Manufactured Pure Electric Vehicle. Luxury interiors with customizable seating configurations and Multi LED intelligent LIVE screen technology that listens and reacts. Mullen intends to focus more on efficiency rather than extreme performance. The Company expects to achieve this by optimizing battery capacity, vehicle aerodynamics, rolling inertia, and software controls.
The Mullen FIVE is built on an EV Crossover skateboard platform that offers multiple powertrain configurations and trim levels in a svelte design that is Strikingly DifferentTM. The FIVE debuted at the LA International Auto Show in mid-November and was awarded the LA Auto Show’s ZEVAS Award for the “Top SUV Zero Emission Vehicle (ZEV)” easily beating out both the Rivian R1S and Lincoln Aviator Grand Touring. For more on the Mullen FIVE go here
Mullen recently purchased a 124,700 sq ft facility located in Tunica, Mississippi that now serves as an advanced manufacturing engineering center and vehicle production facility. The Company is working on an expansion of the existing 124,700 sq ft by an additional 1.2M sq ft; designing assembly lines (Body, Paint, General, and Offline); and preparing for the complexities of the manufacturing processes, while ensuring flexibility for critical changes. This plan includes utilizing existing assets that are currently in place for initial validation, and in parallel, begin efforts to design, develop, build, and equip the facility to support planned production for Mullen FIVE and all other upcoming vehicles. In support of the speed-to-market strategy, building a full-scale production facility is a significant milestone for Mullen’s vehicle development and manufacturing teams.
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The Company’s partnership with Linghang Guochuang Group (LGG) is progressing well and is currently focused on taking solid-state polymer battery cell technology into vehicle pack level development for Mullen Automotive. Solid-state polymer batteries are currently planned for the second generation of the Mullen FIVE EV Crossover. In recent months, the two companies have started integration of the solid-state polymer cell technology into the vehicle pack level. Mullen has announced previously that solid-state polymer batteries are currently planned for the second generation of the Mullen FIVE EV Crossover. Data collected from solid-state cell testing shows impressive results for solid-state batteries, including a potential range of 600 miles on a full charge and over 300 miles of range delivered in 18 minutes with DC fast charging.
MULN is on the move after the Company announced results of Mullen’s solid-state polymer battery testing with the Battery Innovation Center (BIC) in Indiana. Testing results from BIC show the solid-state polymer cell, rated at 300 Ah and 3.7 volts, tested in at 343.28 Ah at 4.2 volts, exceeding expectation and in line with test tolerance from previous EV Grid test results. The test data collected from both BIC and EV Grid have exceeded expected test tolerance and show an impressive outcome and future for solid-state batteries.
It is expected that with this technology, when scaled to the vehicle pack level, a 150-kilowatt hour solid-state battery can deliver over 600 miles of range on a full charge for the Mullen FIVE EV Crossover. In general, solid-state batteries offer higher energy density, faster charging time, smaller size and safety compared to traditional lithium-ion cells.
CEO David Michery recently said during an appearance on a Benzinga YouTube show that an announcement is coming in Q2 on a “major, major Fortune 500 company” purchasing cargo vans from MULN.
#MullenAutomotive's #SolidStateBattery test results are in! BIC testing shows impressive numbers exceeding expectations and in line with previous EV Grid test results. See full details below $MULN #EV #GreenTechnologyhttps://t.co/ArSXw8YdQO pic.twitter.com/u3VDtVtcJC
— Mullen Automotive (@Mullen_USA) May 31, 2022
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Company is well funded moving forward with $65 million in the treasury and over $100 million in assets vs. $50 million in liabilities. While, Mullen has not accomplished much yet commercially and will continue to need more funds especially as they vamp up their R&D efforts focused on battery development, the stock is priced less than many otc stocks who certainly don’t have $65 million in the treasury, record setting solid-state polymer batteries, an EV crossover coming to market soon, and operating in the booming EV space. MULN has been heavily shorted and has a severely depressed market valuation compared to other EV manufacturers. Currently under heavy accumulation MULN is very liquid and trading near the bottom of its range with a significant gap to fill from current levels, this time last year MULN was trading for $10 per share. We will be updating on MULN when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MULN.
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Disclosure: we hold no position in MULN either long or short and we have not been compensated for this article.