Mullen Automotive (NASDAQ:MULN) announced on Monday that it had completed its successful 60-day program with Menzies.
The company partnered with Menzies Aviation in a 60-day pilot program that would evaluate the Class 1 electric vehicle cargo vans in several use cases across its operations at LAX earlier this year.
Menzies Aviation is the world’s largest aviation service company and it’s looking for innovative solutions to support its ambitious goal of becoming carbon neutral by 2033.
Menzies has a global fleet of 27,000 ground service equipment, including over 8,000 vehicles, at 250-plus airports worldwide and is committed to switching to electric wherever possible to reduce emissions in line with its sustainability strategy.
Loop Global Inc. also partnered with Mullen and Menzies to provide charging infrastructure, a solution to one of the challenges in today’s EV world.
Let’s break down what Mullen Automotive’s report from the Menzies program.
Biggest Highlights from Menzies Partnership
Mullen Automotive released an official statement on social media and on their investors page detailing how the 60-day pilot program with Menzies went.
The company did have driver feedback and van modification requests but more on that in a moment.
Highlights of 60-day LAX Pilot Program:
- Two Class 1 EV vans were piloted at LAX airport and powered utilizing Loop-installed level 2 chargers
- Vans were utilized for transporting both equipment and crews throughout the pilot program
- Over 1,500 miles were driven over the course of the pilot at LAX
- Consistent performance with 100% uptime and zero maintenance issues
- Estimated cost savings of 66% in electrical versus their gas-equivalent vehicles
- Estimated 83% reduction in CO2 emissions for EV vans compared to gas-vehicle equivalent
“Based on driver feedback, Menzies has requested van modifications to include increased seating capacity and additional windows for enhanced driver visibility.
Upon completion of these enhancements and finalization of contract terms, it is anticipated that these updated vehicles will be used by Menzies to expand its fleet globally.
During the pilot, Loop provided EV charging infrastructure and fleet operations software to service the Mullen electric vans through its electric vehicle fleet-as-a-service (“EVFaaS”) program.
With the Loop cloud-based Charger Management System (“CMS”), Menzies was able to charge Mullen’s electric vehicles between each shift to keep them powered for daily operations across LAX.”
Additional Statements from Mullen
“We are excited to be a part of electrifying Menzies fleet at LAX Airport,” said John Schwegman, chief commercial officer at Mullen Automotive.
“We were confident that our Class 1 vans would provide an ideal use case at LAX. We look forward to expanding their fleet at LAX and other operations.”
“The LAX pilot was very important in quantifying the efficiency, uptime, and cost savings that can be achieved with our Class 1 EV vans.
Successful pilots such as this demonstrate how companies can scale their fleet operations with commercial EV offerings from Mullen,” said David Michery, CEO and chairman of Mullen Automotive.
MULN stock fell more than -16% on Monday despite the positive development.
Volume jumped to 529 million, more than twice its average trading volume of 252 million.
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Thanks for the informative article. Yet the stock price drops. Seems like stocks are not based on fundamentals anymore. Welcome to the casino.
MULN could be a target of naked shorting.
Leave your thoughts below.