California-headquartered Mullen Automotive (NASDAQ:MULN) is an ambitious competitor in the electric vehicle (EV) market. MULN stock hasn’t performed well in 2022 so far, but an upcoming event is likely to catalyze a comeback.
You see, Mullen Automotive isn’t your typical EV manufacturer. In the state of Indiana, Mullen has a powerful partner: the Battery Innovation Center or BIC. Started in 2013, the BIC focuses on “the rapid development, testing, and commercialization of safe, reliable, and lightweight energy storage systems for defense and commercial customers.”
The BIC’s website touts the company’s 40,000-square-foot facility. Apparently, the BIC aims to manage all aspects of the battery lifecycle.
Recently, Mullen Automotive revealed a partnership with the BIC to conduct solid-state polymer battery cell testing. The two companies are seeking to develop a battery cell which, under the right conditions, can deliver more than 600 miles of range on a full charge for the Mullen FIVE EV Crossover.
According to the press release, Mullen is set to announce the test results in early May — and here we are: May 2. If everything pans out, Mullen Automotive could conceivably issue the test results any day now.
Of course, there’s no guarantee that the results will be positive. It’s possible that the new battery cell will yield less than 600 miles of range.
On the other hand, any good news could spark a turnaround in MULN stock as the sentiment has been deeply negative. After reaching a 52-week high of $15.89, the stock fell below $1.50 not long ago.
Thus, there’s plenty of upside potential and Mullen’s current and prospective shareholders should position themselves accordingly. Achieving 600 miles of range on a single charge would be a terrific result — no doubt about that.
It could be a watershed moment for the solid-state battery industry. Moreover, this ought to provide a reason for MULN stockholders to get their mojo back. So, stay on the lookout for what may be a signal event for the EV battery market in general, and Mullen Automotive in particular.
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On the date of publication, David Moadel did not have (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.