Mullen Automotive (NASDAQ:MULN) stock has tumbled below $0.10 on its latest energy advancement news.
The stock is down more than -73% this year-to-date despite analysts predicting MULN stock to soar more than +7,000% in 2023.
Mullen announced today test results of its recently acquired joint venture technology, greatly improving current EV performance by increasing EV vehicle range.
Here are some key points from the company’s official press release:
- Element Materials Technology test results indicate that the Energy Management Module (“EMM”) technology substantially increases the driving range and efficiency of any current EV battery.
- Specific vehicle testing of a high-volume OEM electric vehicle by Element resulted in a calculated increase in range from 269 to 431 miles, which is a 60% increase in efficiency.
- EMM technology was also tested by Mullen Automotive engineers on the Company’s Class 1 EV Cargo Van at its Troy, Michigan, facility. Results showed more than a 75% increase in range for the 42-kWh lithium-ion battery pack, which would be a calculated EPA estimated range of 186 miles at a very low added cost and mass.
- EMM technology is being integrated into final stages of product development and is planned to be introduced in all Mullen commercial and consumer vehicle programs.
- U.S. provisional patent application has been filed covering the technology.
- Mullen Automotive owns 51% of MAEO, LLC and will consolidate the results of its operations in Mullen Automotive, Inc.
“We have tested EMM technology in various vehicle applications and have repeatedly seen significant improvements in range.
I am extremely pleased to partner with Mullen for the commercialization and global availability of the EMM technology,” said Lawrence Hardge, CEO of Global EVT.
“Seeing the previous EMM test results conducted by Element, along with Global EVT testing, and correlating that with testing by our engineers, we believe this technology is a perfect fit for Mullen’s EV product lineup as well as the advancement in EV technology for the overall automotive industry,” said David Michery, CEO and chairman of Mullen Automotive.
“Mullen Advanced Energy Operations plans on licensing this technology to anyone who uses an electric vehicle.”
Latest MULN Stock News
Aside from its new energy advancement, Randy Marion Automotive is now listing Mullen vehicles for sale on their new website.
Several Class 1 EV cargo vans were spotted at a Randy Marion Automotive Group dealership in March which confirmed a fleet of Mullen vehicles were now on the ground.
Soon after, Randy Marion Automotive Group (RMA) and Mullen Automotive announced they had delivered Class 1 EV cargo vans to MGT Lease Company in an official statement.
Amongst Mullen EVs, Randy Marion Automotive Group also sells Buick, Cadillac, Chevrolet, Chrysler, Dodge, Ford, GMC, Honda, Isuzu, Kia, Lincoln, Jeep, Ram and Subaru.
The company is also set to receive $110 million in funding this year.
Mullen Automotive expects to operate business over the next 12 months upon the receipts of this funding.
Mullen has agreed to issue Series D preferred stock and warrants to Esousa Holdings, Acuitas Capital, Davis-Rice Pty Limited and Ault Lending.
The warrants will “equal 110% of the shares of Series D Preferred Stock purchased,” while the Series D preferred stock can be converted into common stock.
In exchange, Mullen will receive the remaining commitment amount of $90 million, which will be paid out in two equal tranches on April 17 and May 15.
The company’s Form 8-K also revealed that Mullen has entered into three promissory notes worth $20 million on April 3.
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