On Feb. 2, Mullen Automotive (NASDAQ:MULN) announced that it had initiated a 60-day pilot program with Menzies Aviation and Loop Global for its Class 1 electric vehicle (EV) cargo van called the Mullen ONE. The pilot program will be held at Los Angeles International Airport (LAX). Menzies, which operates in over 250 airports across 58 countries, will pilot the program. Loop will provide charging infrastructure services.
Menzies has a global fleet of over 8,000 vehicles that provide ground, air cargo and fuel services. Mullen believes that the ONE offers several use cases, such as transporting cabin-cleaning crews to airplanes.
“We have committed to switching to electric vehicles wherever possible to reduce our carbon emissions; however, charging infrastructure can be a barrier, so it’s great to be working with both Mullen and Loop to pilot a solution at LAX. Early feedback is positive, and I’m looking forward to seeing the results from this collaboration,” said Menzies Americas Executive Vice President John Redmond at the time of the announcement.
Dear MULN Stock Fans, Mark Your Calendars for April 3
Now, 60 days after Feb. 2 falls on April 3, so MULN stock investors expect to hear an update from the company soon. Mullen’s van may be a good fit for Menzies, as it is “anticipated to be the first Class 1 commercial electric vehicle in the U.S. market.” The EV could also support Menzies’s goal of becoming carbon neutral by 2033.
The ONE will have a maximum payload of 1,683 lbs with a curb weight of 3,198 lbs. It will have a range of 110 miles per charge that will be powered by a 42 kWh battery.
Meanwhile, Mullen announced the return of its supercar yesterday, which will be rebranded under the Mullen GT and GTRS brands. The company received the intellectual property and distribution rights for the Qiantu Motors DragonFLY K50 in North and South America for five years in exchange for $6 million and warrants to purchase up to 75 million shares of MULN.
Mullen will also pay Qiantu $2 million for “deliverable items” and is obligated to purchase vehicle kits from the company. On top of that, Mullen will pay Qiantu a $1,200 royalty fee for each homologated DragonFLY sold during the five-year period.
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.