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Mullen Automotive, Inc. (MULN) Stock Surged 88.95% Today, Here’s Why

Mullen Automotive, Inc. (MULN) stock soared 88.95% in the current-market trading session at the price of $1.30 after it provided updates on solid-state polymer battery technology.

Mullen, based in California, is an automobile firm that partners with other synergistic companies operating towards the prime goal of providing clean energy solutions. Over the past decade, the company has evolved in sync with customers and technology trends.

MULN Polymer Battery Technology

On 28th February 2022, MULN delivered updates on its solid-state polymer battery technology, a significant refinement over present Li-ion batteries. The testing of polymer cell demonstrates the potential for a 150-kWh battery pack that provides a range of 600 mi and accentuates an 18 min DC fast charge which can yield a range of 300 miles.

MULN has employed its solid-state polymer battery packs in its second-generation FIVE EV Crossovers. The company’s first-generation FIVE EV Crossover is due in 2024 and had designed to launch with conventional Li-ion cell chemistry.

MULN is also conducting R&D into other cutting-edge battery technologies, including lithium-iron-phosphate and lithium-sulfur. The company’s foremost goal is to produce EV batteries that will overtake existing Li-Ion technology and provide benefits such as improved efficiency, range, and energy density while reducing the weight, cost, environmental and thermal risks.

Management Comments

CEO and Chairman of MULN, David Michery, remarked that they had completed successful testing and moved towards the development phase. The data from testing demonstrates an outstanding result and future for solid-state polymer batteries. Their 300 Ah cell generates 343-ampere hours at 4.3 volts, and the outcomes exceeded all expectations. This technology on the Mullen FIVE will deliver a range of 600 m on a full charge. The Mullen Automotive has a promising future ahead, he added.

Wards Auto Featured MULN

Earlier on 24th February 2022, MULN reported a newly published feature by Wards Auto that accentuates its future vision and interviews with Mullen’s senior management. Wards, a global leader in the automotive publication, has been providing intelligence and insights on the international automotive market for over a century.

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