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Mullen Auto Shares Surge After Impressive New Battery Test Results

Stock Markets May 31, 2022 10:27AM ET
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© Reuters. Mullen Auto (MULN) Shares Surge After Impressive New Battery Test Results
 
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By Michael Elkins

Mullen Automotive Inc (NASDAQ:MULN) shares jumped 41% in early trading Tuesday as the company announced impressive test results of its solid-state polymer battery out of the Battery Innovation Center (BIC) in Indiana. BIC showed the solid-state polymer cell, rated at 300 Ah and 3.7 volts, tested in at 343.28 Ah at 4.2 volts, exceeding expectations and in line with test tolerance from previous EV Grid test results.

“I’m impressed with the ongoing performance of the solid-state cell after going thru multiple intense testing sessions from accredited testing facilities,” said David Michery, CEO and chairman of Mullen Automotive. “The battery has performed exceptionally well, and I’m pleased with the results from BIC in Indiana.”

“We are pleased to see that the results from on-going testing are in-line with those previously notated,” said Ben Wrightsman, president and CEO of Battery Innovation Center. “The cell thus far has performed as stated, and we will continue to test additional parameters to characterize the overall capabilities and performance.”

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.

Mullen Auto Shares Surge After Impressive New Battery Test Results
 

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Leonid Levko
Leonid Levko Oct 18, 2022 9:32PM ET
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2024 CALLs?
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