Shares of Mullen Automotive (NASDAQ:MULN) are soaring higher by more than 30% after Indiana’s Battery Innovation Center (BIC) released positive test results on the company’s solid-state polymer battery cell. Before testing, Mullen’s battery was rated at a value of 300 ampere-hours (Ah) at 3.7 volts. BIC’s testing showed the battery carried a value of 343.28 Ah at 4.2 volts.
These numbers are in line with previous test results from EV Grid. Data from both battery testers have exceeded results and show potential for future solid-state battery applications.
After today’s gain, shares of MULN stock are still down more than 70% year-to-date. Now, investors are hoping the test results can turn things around.
MULN Stock Soars on Battery Test Results
When scaled to the vehicle pack level at a 150-kilowatt hour equivalent, the battery is expected to deliver more than 600 miles of range on a single charge for the Mullen Five electric vehicle (EV) crossover. Solid-state batteries carry an advantage over traditional lithium-ion batteries. This is because they generally offer higher energy density, faster charging times and improved safety features.
CEO David Michery was pleased with the test results, adding:
“I’m impressed with the ongoing performance of the solid-state cell after going thru [sic] multiple intense testing sessions from accredited testing facilities … The battery has performed exceptionally well, and I’m pleased with the results from BIC in Indiana.”
In addition, it seems Mullen has proven short-seller Hindenburg Research wrong. In a short report, Hindenburg claimed that EV Grid’s testing of Mullen’s battery was just a “rehash of testing the company had already announced in 2020.” Hindenburg also stated a senior executive who was involved with the battery claimed it “didn’t exist at all.”
Mullen Automotive Announces U.S. Test Drive Tour
Earlier this month, the EV company announced it will begin its “Strikingly Different” U.S. test drive tour. The tour will begin in October in Southern California and cover 19 cities across the country. At the tour, “Front-Row” Five reservation holders will be given the first opportunity to test drive and experience the EV. Other cities on the tour include New York, Boston, Memphis and more.
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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.