Mullen Automotive (NASDAQ:MULN) revealed on Tuesday its new mobile EV charging station tech with fast charging capabilities.
The company announced PowerUP, Mullen’s new mobile EV charging truck that can deliver level 2 and level 3 DC fast charging capabilities in scenarios where such power is not available, including roadside assistance and emergency response where immediate power is required for recharging electric vehicles or emergency power backup.
The innovation will provide to be extremely valuable as EV charging stations are still scarce in some parts of the states.
Mullen’s latest innovation is the perfect solution for EV emergencies.
According to Mullen’s latest press release, PowerUP will be featured on Mullen’s upcoming 2023 “Strikingly Different” EV Tour, providing level 2 and level 3 DC fast charging to power Mullen’s EV’s while on the road and is available now for sale via advance orders.
The EV charging truck is based on a Class 5 truck platform, providing up to 150kW of continuous power generation.
The vehicle features two level 3 DC fast chargers (one 120 kW or two 60kW each) and four level 2 chargers (7.2kW each).
Additional vehicle details include:
Mullen PowerUP – Mobile Charging Truck
- Class 5 Bi-Fuel (Gasoline – LP/RLP) cabover chassis
- GVWR – 19,500 lbs
- Wheelbase – 150 inches
- Featuring a 150kW dual fuel (propane/ natural gas) onboard generator
- One 120kW level 3 DC, 950V fast charger or two 60kW level 3 DC
- Four 7.2kW level 2 chargers
- ~150 Gallons of total onboard propane storage
“On last year’s tour, we witnessed first-hand how difficult it is to charge vehicles while on the road, especially Level 3 DC fast charging, which is very limited outside of California. Â
As a result, we decided we needed to build a solution to support the 2023 tour and the multiple vehicles featured on tour, including DC fast charging for the Mullen FIVE RS,” said David Michery, CEO and chairman of Mullen Automotive.
“Moving forward, we will be offering different configurations of the PowerUp mobile charger for immediate sale via advance order, based off our own commercial EV truck platforms, making this vehicle available for roadside assistance, emergency response and management teams.
Our PowerUP EV truck can deliver high voltage power in mobile or emergency situations or where power is out or not available for fast charging scenarios.”
Latest Mullen Automotive News
Mullen last week announced a new $25 million stock buyback program.
Shares rose up to $0.32 per share at the market open before falling back down to a quarter.
Last Wednesday, MULN stock surged from $0.10 to $0.17, up more than +69% while continuing to rise after hours an additional +11%.
The company announced today that the Board of Directors has authorized a stock buyback program, pursuant to which the Company may, until Dec. 31, 2023, purchase up to $25 million in shares of its outstanding common stock.
The shares may be repurchased, from time to time, in the open market or in privately negotiated transactions depending upon market conditions and other factors, and in accordance with applicable regulations of the Securities and Exchange Commission (the “SEC”).
The authorization of the stock buyback program does not obligate the Company to purchase any shares and may be terminated or amended by the Board at any time prior to its expiration date.
“We are initiating this buyback program as an attractive opportunity to deploy capital and return value to our shareholders,” said David Michery, CEO and chairman of Mullen Automotive.
The company also recently provided shareholders with a new update on its illegal naked shorting investigation.
MULN stock is currently up more than +74% in the past 5-trading days and down more than -97% this year-to-date.
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